Thursday, November 15, 2012

St. Louis Outlet Mall in Hazelwood Past Due on $90 Million Loan

By Frank Johnson - Hazelwood Patch

 The St. Louis Business Journal is reporting overdue payments on commercial real estate investments in the Greater St. Louis Area have gone up with the mall, formerly called St. Louis Mills, being one of the larger delinquencies.

It appears St. Louis Outlet Mall is overdue on it's financial obligation. Simon Property Group recently sold the property at the end of August, and the mall property which is located in the City of Hazelwood is overdue on a $90 million loan.

The St. Louis Business Journal is reporting the past due payments on commercial real estate investments in Greater St. Louis Area, and it appears delinquencies are on the rise. The article cites New York research firm Trepp LLC and said one of the lager delinquencies is the St. Louis Mills Mall in Hazelwood, now known as St. Louis Outlet Mall.

The Woodmount Co. was brought in to manage the property after its sale Simon has its eye on a new prize with its St. Louis Premium Outlets development in Chesterfield. Woodmount is one of Simon's partners in the development of the $85 million project.

St. Louis Outlet Mall is now overdue 90 days or more on the loan balance according to the report. When the mall name change was announced, Woodmount Co. President and CEO of Asset Services Frederick Meno told Hazelwood Patch he had big goals for the shopping destination.

"Our plans are to increase the occupancy and the value of the property by building upon the existing merchandising mix that is currently represented at the property," he said.

Ross Dress for Less will be opening at the mall soon.

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