Mall of America is no longer delinquent on $1.4 billion mortgage
When the pandemic hit in March, the largest US retail mall had to close its doors to customers through June. With collection rates dropping as low as 33% in April and May, the owner, Triple Five Group, missed months of payments on its $1.4 billion mortgage. The firm was now able to work out their loan with the lender and resumed their interest payments. “Facing these unprecedented economic times, we immediately began to work with our lending partners to address the cash flow issues created by this loss of revenue. We are pleased to have been able to resolve the outstanding issues to the satisfaction of all parties involved which included a modification of the loan terms,” said Dan Jasper, vice president of communications for Mall of America.
Restaurant Industry Starts Climb Out of Deep Hole
According to The NPD Group, the restaurant industry started to see first improvements in December, overcoming the industry’s strongest decline since the global financial crisis. While customer transactions are still down 10% year over year, they are now up by 27-basis points from April. “Many full-service restaurant chains quickly pivoted to offer more off-premises services by turning parking lots into drive-thru stations, offering curbside pick-up, and enhancing delivery options,” according to the NPD Group. “For full-service restaurants now, it’s about government restrictions.” Several restaurant chains had to file for bankruptcy in 2020 and the pandemic is still not over, but there seems to be a light at end of the tunnel.