Northland, Eastland, Summit Place, Lakeside...and now Southland? Fairlane and Partridge Creek are seemingly in hospice. The more I think about it, the more this quietly profound of a revolution to the physical landscape and the way we engage in commerce becomes to me. The thousands of jobs, lives and businesses upended by this slow-rolling disruption brings a mix of sadness and nostalgia.
Crain's reports on Southland's dire debt situation.The Southland Center shopping mall is nearly underwater on its commercial mortgage-backed securities debt, the latest sign of distress at the Taylor property at 23000 Eureka Rd.
Data provided by New York City-based Trepp LLC, which tracks CMBS loans, shows that the mall was appraised for $66.9 million in September, after it went into special servicing, and owes $64.5 million on its $78.75 million Barclay's loan from 2012.
Special servicer Rialto Capital Advisors LLC was appointed to the 52-year-old mall in June, Trepp data shows; Wells Fargo was the master servicer. Master servicers are generally tasked with collecting monthly payments, while special servicers are generally brought in upon default, which the owner did in June.
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