Employees at LEGO clean and organize the store as shop owners prepare for the reopening of Colorado Mills mall on Nov. 20, 2017 in Lakewood. (Helen H. Richardson, The Denver Post)
The owner of the Colorado Mills mall in Lakewood is expected to default on its $119 million loan when it comes due in November, according to Trepp, a firm that tracks commercial real estate loans.
The loan held by Indianapolis-based Simon Property Group was transferred to special servicing in August, according to Trepp.
Special servicers are essentially negotiators brought in when a lender gets concerned about an asset.
According to Trepp, the loan is collateralized by 918,500 square feet — most, but not all, of the mall’s retail space at 14500 W. Colfax Ave.
Simon was current on payments as of September, but the loan matures in November and Simon is not expected to be able to pay it off, per Trepp.
Simon didn’t respond to a request for comment this week.
Colorado Mills, completed in 2002, was originally developed by Maryland-based Mills Corp., which Simon Property Group acquired in 2007. Mall anchors include Target, Burlington, Dick’s Sporting Goods and a Regal movie theater.
Employees at LEGO clean and organize the store as shop owners prepare for the reopening of Colorado Mills mall on Nov. 20, 2017 in Lakewood. (Helen H. Richardson, The Denver Post)
The owner of the Colorado Mills mall in Lakewood is expected to default on its $119 million loan when it comes due in November, according to Trepp, a firm that tracks commercial real estate loans.
The loan held by Indianapolis-based Simon Property Group was transferred to special servicing in August, according to Trepp.
Special servicers are essentially negotiators brought in when a lender gets concerned about an asset.
According to Trepp, the loan is collateralized by 918,500 square feet — most, but not all, of the mall’s retail space at 14500 W. Colfax Ave.
Simon was current on payments as of September, but the loan matures in November and Simon is not expected to be able to pay it off, per Trepp.
Simon didn’t respond to a request for comment this week.
Colorado Mills, completed in 2002, was originally developed by Maryland-based Mills Corp., which Simon Property Group acquired in 2007. Mall anchors include Target, Burlington, Dick’s Sporting Goods and a Regal movie theater.
