As the coronavirus crisis turbocharged the retail apocalypse, mall owners across the country have been falling behind on their mortgage payments. Even The Mall of America in Minnesota, the country’s largest retail center, missed recent payments on its $1.4 billion loan.
Now, two large Chicago-area malls owned separately by Simon Property Group and a KKR-led venture, both missed May debt payments, according to Crain’s. The retail properties, Gurnee Mills and Yorktown Center, are both closed because of pandemic restrictions though Yorktown Center is set to open this weekend.
Simon skipped its $1.3 million May payment on the $257 million mortgage for Gurnee Mills;
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