Just before its $615 million loan was set to mature, Brookfield Properties successfully refinanced the Park Meadows Mall in Lone Tree. The new loan, worth $700 million, has a term of five years.
According to the Denver Business Journal, payments had been made on the property since November 2019. However, it was added to loan-servicer watch lists in September due to its upcoming maturity date.
Located at 8401 Park Meadows Center Dr., Park Meadows is the second-largest shopping center in the Denver metro area. It boasts over 170 retailers including popular tenants like Crate & Barrel and Nordstrom. Originally built in 1996 and renovated in 2018, it currently has a lease rate of 97% as of March.
Loan documents show that as of October 2019 – when an appraisal was last conducted by lenders -the property’s value stood at $1.2 billion.
In summary:
Brookfield Properties successfully refinanced their $615 million loan for Park Meadows Mall just days before its maturity date with a new five-year term valued at $700 million according to recent reports from Denver Business Journal.
The mall is located at Lone Tree and features over
170 retailers such as Crate & Barrel,
Nordstrom,
and Williams Sonoma.
It underwent renovations back
in
1996
and again recently during which time it maintained an impressive occupancy rate reaching up-to-date numbers around ninety-seven percent leased out through March this year.
As per records from October two-thousand-nineteen (when appraisals were last performed) by lenders; they estimated park meadows’ worth would be approximately one-point-two-billion dollars!
