Mall of America misses two months of payments on its $1.4 billion mortgage – as largest shopping center in US says it will reopen next month from COVID-19 lockdowns
- The Mall of America in Minnesota has fallen behind on monthly payments in April and May on its $1.4 billion mortgage
- The mall, which is the largest in the US, is operated by private developers Triple Five Group
- It was forced to close on March 17 as part of Minnesota’s efforts to stop the spread of coronavirus
- They announced this week that retail stores can reopen with limited trading from June 1 after the state started lifting its coronavirus-related lockdown measures
- Minnesota currently has more than 18,000 infections and over 800 deaths
- Here’s how to help people impacted by Covid-19
The Mall of America, the largest shopping center in the United States, has missed two months of payments on its $1.4 billion mortgage amid the coronavirus pandemic.
The mall, which is located in Bloomington, Minnesota, fell behind on monthly payments in April and May.
It is operated by private developers Triple Five Group.
The group has notified Wells Fargo that it is facing hardships but it isn’t clear if they will try and seek relief from their mortgage provider, CNBC reports.
Triple Five Group has not commented on the missed mortgage payments.
The Mall of America is famous for being the largest of its kind in the country with more than 500 stores across two million square feet.
The Mall of America, which has been closed since March 17, will reopen from June 1 after Minnesota lifted its lockdown restrictions. Curbside signs are pictured outside the mall
It was forced to close on March 17 as part of Minnesota’s efforts to stop the spread of coronavirus and discourage people from gathering.
The mall’s owners had initially only planned to be closed until March 31 before the virus started spreading rapidly across the country.
They announced this week that retail stores can reopen with limited trading from June 1 after the state started lifting its coronavirus-related lockdown measures.
Dining and attractions will remain closed but food establishments may still operate through curbside and delivery.
Minnesota currently has more than 18,000 infections and over 800 deaths from COVID-19.
The state is one of 15 where COVID-19 infections are continuing to rise based on a 14-day trend, according to data compiled by the Covid Exit Strategy.
The state is now allowing retail and malls, industrial, manufacturing and office settings to reopen but gyms, personal care services, restaurants and bars remain closed.
They announced this week that retail stores can reopen with limited trading from June 1 after the state started lifting its coronavirus-related lockdown measures
The Mall of America, the largest shopping center in the United States, has missed two months of payments on its $1.4 billion mortgage amid the coronavirus pandemic
We’re excited to announce our retail stores will reopen with limited hours beginning June 1. Our restaurants + attractions will remain closed at this time. We look forward to seeing you again!
‘Mall of America has made the decision to reopen retail stores effective June 1. This will allow us to continue creating the safest environment possible for our team members, tenants and guests,’ a statement on the mall’s site reads.
‘It will also allow our diverse set of retail tenants the time needed to rehire, train staff and prepare their individual stores with necessary cleaning, sanitization and safety measure implementations.
‘Throughout the past eight weeks, we have been working with state and national organizations to help identify and establish industry-wide reopening safety protocols. That includes everything from social distancing signage, redirecting foot traffic (specific doors for entering and exiting), even more enhanced cleaning procedures, modified operating hours, limiting to 50 percent capacity and reconfigured seating among many others.
‘As the COVID-19 crisis remains fluid, we will continue following guidance from our state government as we monitor and evaluate the safety protocols put in place and will make necessary adjustments as needed to manage the safety of everyone within our building.’