Plano’s Shops in Willow Bend is behind on loan payments
The Shops at Willow Bend, a mall that has added a new restaurant wing and non-commercial tenants including the Crayola Experience and Equinox fitness center, is 60 days behind on its loan repayment.
The Plano Mall has struggled since it opened in 2001 and was sold to Starwood Retail Partners in 2014, who turned around and spent $ 150 million trying to reinvent the experience.
Willow Bend’s outstanding balance of $ 65.7 million is listed among a group of malls that together secured a loan of $ 161 million with an outstanding balance of $ 135.7 million.
“We are actively working to expand and restructure our funding at The Shops at Willow Bend,” Starwood said in an emailed statement. “In the meantime, business continues as usual at the property as we continue to work hard to execute our repositioning plans.”
The delinquency was in a report released by Trepp LLC, a company specializing in commercial mortgage securities. The loan is marked as non-performing after passing its extended two-year maturity date in November, Trepp analyst Catherine Liu said.
Starwood has indicated that it may pursue further modifications or extensions on the loan and that the loan will likely be transferred back to Midland, which is listed as the special mortgage guarantee service originally sold by Morgan Stanley, Liu said. .
The other malls are Fairlane Town Center in Dearborn, Michigan, and Stony Point Fashion Park in Richmond, Virginia.
The Plano Mall, built in 2001, just a year after the Stonebriar Center opened a few miles north of Frisco, is anchored by Dillard’s, Macy’s, Neiman Marcus and Crayola Experience.
Willow Bend was one of seven malls that Taubman, the mall’s original developer, sold in 2014 for $ 1.4 billion. Taubman said these malls are not as productive as the company’s other properties.
Taubman, the original developer, also invested millions of dollars in the property, demolishing a department store and adding furniture stores including Crate & Barrel and Restoration Hardware.
The story has been updated to correct the outstanding loan amount of $ 135.7 million, not $ 137.7 million as previously stated.