Charlotte Mall May Be Headed For Foreclosure
By Jason Hall
June 23, 2021
A Charlotte area mall may be facing foreclosure due to outstanding debt payments that were allegedly failed to be made.
WSOC reports a lawsuit was filed by Wilmington Trust, which serves as trustee of a commercial mortgage-backed securities trust involving four U.S. malls -- among them Northlake Mall off W.T. Harris Boulevard -- accusing the borrower of failing to keep up with debt payments on properties.
The loan associated with the properties is reported to have gone into default as of late 2019.
Northlake Mall is one of four owned by Starwood Capital Group, which is mentioned in the suit and packaged in the same CMBS portfolio, according to WSOC.
Several tenants within Northlake Mall have already left the facility during recent years, including DICK's Sporting Goods, who allowed its lease to expire in January 2021.
The Charlotte Business Journal reported Northlake Mall had more than a dozen empty storefronts at its 1.1 million-square-foot building as of February 2021, according to WSOC.
“Usually, you know, me and my friends we live around here this is the main mall that we go to” said local resident Chelsea Delepp via WSOC. “We don’t travel really far especially with the gas, so just thinking about it being closed down that’s like drastic for us.”
Malls have been among numerous businesses to be hit hardest by the ongoing COVID-19 pandemic as more people have opted to purchase items online.