Check this breakdown of the numbers.
Sadly . . .
A change in ownership is touted as possible salvation. But most plebs overlook or don't know about Plaza decline in market cap value over the past 20 years as American retail transitions to mostly online commerce. And so new bosses will likely have fewer resources to draw upon.
Check the money line . . .
The U.S. Securities and Exchange Commission document reported the non-recourse property loan default amount was $295.2 million, $147.6 million at the pro rata share.
Macerich and Taubman have begun negotiations with the lender on the terms of the loan, per the quarterly report.
Read more via www.TonysKansasCity.com link . . .
Country Club Plaza joint venture defaults on $295M loan
A quarterly report filed in August by the Macerich Company shows the company's joint venture with Taubman Realty Group in the Country Club Plaza defaulted on a loan in May.
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