Chicago Ridge Mall, owned by a joint venture of Miami-based Starwood Capital Group and Westfield Group, recently missed a large debt payment earlier this month. This pushes the 868,000-square-foot mall one step closer to foreclosure or an out-of court takeover of the property by its loan servicer.
The owners had previously struck an agreement with the special loan servicer last year to extend the maturity date of their $80 million mortgage; however, there is still a remaining balance of $76 million left on it. The mall was appraised at just $65.7 million in 2019 – down from its 2012 appraisal value of $129.7 million – and was 89 percent occupied as reported in March 2020 according to Crain’s Chicago Business .
This is not Starwood’s first experience with defaulting loans; they have already lost Louis Joliet Mall in Joliet, Promenade Bolingbrook and Arboretum South Barrington due to similar circumstances before now.
