Published: Monday, December 1, 2008
Alderwood mall owner obtains extension on debt
An owner of Alderwood mall has secured a two-week extension on $900 million in debt, which had been scheduled to come due last week. General Growth Properties Inc., of Chicago continues to negotiate longer-term extensions with lenders to avoid bankruptcy, the company reported on Sunday.
The $900 million mortgages cover two shopping malls owned by General Growth in Las Vegas.
The nation’s second-largest mall owner struggles with its debts, as the financial crisis clogs the credit market. The company owns seven malls in Washington state, including Alderwood and Westlake Center in Seattle.
Alderwood mall covers about 1.3 million square feet is the biggest shopping mall in Snohomish County.
The $900 million mortgages cover two shopping malls owned by General Growth in Las Vegas.
The nation’s second-largest mall owner struggles with its debts, as the financial crisis clogs the credit market. The company owns seven malls in Washington state, including Alderwood and Westlake Center in Seattle.
Alderwood mall covers about 1.3 million square feet is the biggest shopping mall in Snohomish County.
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