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.