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05/04/2021

Brookfield gives three malls back to banks

Al Urbanski
Real Estate Editor & Manager
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The Pierre Bossier Mall in Louisiana is one of three Brookfield properties headed back to their creditors.

As part of a $6.5 billion deal that will make it a private company, Brookfield Property Partners returned three malls to their creditors, according to a report from KCP Research.

The Bayshore Call in Eureka, Calif., the Florence Mall in Florence, Ky., and the Pierre Bossier Mall in Bossier City, La., are all back in the hands of their lenders. They totaled a combined $175 million of mortgage debt.

Seven other Brookfield malls bearing $798 million of debt may be headed in the same direction, according to KCP. The billion-dollar backing of the 10 malls was all secured by Brookfield through commercial mortgage-backed securities.