A mall property in the Hazelwood area formely owned by St. Louis Premium Outlets developer Simon Property Group is overdue on a loan of $90 million.
The St. Louis Business Journals reported Thursday that past due payments on commercial real estate investments in St. Louis have risen. The article cites New York research firm Trepp LLC and said that one of the lager delinquencies is the .
Simon transferred ownership of the property at the end of August and brought in The Woodmount Co. as the new managers. Woodmount is one of Simon's partners in the development of the $85 million St. Louis Premium Outlets in Chesterfield.
The Hazelwood mall is now overdue by 90 days or more on an outsanding loan balance of $90 million, according to the Journal. When the ownership change was announced, Woodmount Co. President and CEO of Asset Services Frederick Meno told Patch he had big goals for the 1.2 million-square-foot center.
"Our plans are to increase the occupancy and the value of the property by building upon the existing merchandising mix that is currently represented at the property," he said.