Property Loan Default of $295.2M under Negotiation; Potential Acquisition of Country Club Plaza Eyed by Dallas Developer, Visited by Kansas City Mayor

Property Loan Default and Impairment Charge

Macerich and Plaza joint partner Taubman Realty Group said last May the non-resource property loan default in the amount of $295.2 million. The group acquired the Plaza as part of a 2016 transaction. In the annual report released Monday, Macerich said the joint venture — of which Macerich controls 50.1 percent — is still in negotiations with the lender on the terms of the non-recourse loan. A non-resource loan allows the lender to foreclose only on the collateral, not on the value of the loan.

Possible Acquisition and Mayor’s Visit

Last October, multiple sources said a Dallas-based developer was interested in acquiring the Country Club Plaza. Kansas City, Missouri, Mayor Quinton Lucas visited the developer at a December meeting in Dallas. The County Club Plaza is an important part of Kansas City’s past, present, and future. Mayor Lucas expressed his anticipation for the potential new owners and the future of the Plaza.

HERE Kansas City

Share
Published by
HERE Kansas City

Recent Posts

South Carolina Police Launch Search for 43 Monkeys Escaped from Research Facility

Yemassee, South Carolina – Police Search for Escaped Monkeys Authorities in Yemassee, South Carolina, are…

3 hours ago

Devastating Wildfire Endangers Southern California Homes Amidst Unfavorable Weather Conditions

Wildfire Threatens Homes in Southern California In Southern California, a devastating wildfire is raging, threatening…

3 hours ago

Golden State Warriors Eye Big Trade Before Deadline

Golden State Warriors Eye Big Trade Before Deadline San Francisco - The buzz around the…

3 hours ago

Racist Text Messages Targeting Black Recipients Spark Outrage and Investigations Across the U.S.

Alarming Text Messages Linked to Slavery Sent to Black Recipients Across the U.S. In several…

3 hours ago

Munich Braces for Lackluster NFL Clash: Panthers vs. Giants in Battle for Draft Position

Munich Set for a Nail-Biter: NFL’s Struggling Matchup Hey, sports fans! This Sunday, Munich will…

3 hours ago