Unibail-Rodamco-Westfield (URW) has missed the deadline to pay a $195 million loan related to Santa Clarita’s Valencia Town Center Mall.
The loan, a CMBS loan provided by UBS and Barclays, was reportedly due this month by the URW company, according to a Trepp report.
According to the Real Businessa new area reported in real estate news, the Valencia Town Center reported to be 82 percent occupied by 2022, host Macy’s and JCPenny.
The store was previously home to a Sears, which was removed from the store in 2018 after filing for Chapter 11 bankruptcy and the space left unfilled.
Also ready to leave the store d The valley due to conditions at the store representatives said it was “unable to continue operations.”
“URW is in ongoing discussions with our lenders for Westfield Valencia Town Center, but these discussions have no impact on our operations. The Center is open and business as usual for customers, our retail partners, and the community,” assured a spokesperson for Westfield.
According to a report in September b Fitch Ratingsthe Valencia Town Center was the “biggest contributor to the losses,” among the properties associated with the CMBS loan.
URW is based in Paris and has been working to sell its stores in the US for the past two years because many properties are facing closure, according to The Real Deal.
In California, URW sold the Westfield Santa Anita Mall to Monrovia-based investor Wen Shan Chang for $538 million and two Woodland Hills stores to LA Rams owner Stan Kroenke for $475 million.
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