Two months after the owner of the largest mall in San Francisco went into receivership, the second-largest mall in the city might be heading in the same direction.
CMBS loans worth $180M backed by Brookfield Properties' Stonestown Galleria and coming due in October—which have been on servicer watchlists since May 2020—have been labeled a "maturity risk."
Two loans for the mall—one worth $150M and the other for $30M—are hitting maturity on Oct. 1. Both were originated by Morgan Stanley in 2013 at an interest rate of 4.39%.
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