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A loan backing Bethesda’s Westfield Montgomery, one of the largest malls in the D.C. region that has been slated for redevelopment, was transferred to special servicing this month.
It comes four months before Unibail-Rodamco-Westfield’s $350M loan, secured by the vast majority of the 1.3M SF mall, is set to mature, per a Morningstar Credit report.
“URW is exploring extension and refinancing options for its CMBS loan on Westfield Montgomery, one of its top performing US Flagship assets, ahead of its maturity on 1st August 2024,” a URW spokesperson told Bisnow in a statement. “As is standard ahead of extension discussions with lenders, the loan has been transferred to special servicing.”
The property, owned by Paris-based URW, was approved for a major redevelopment in the summer of 2020. That project, which called for 2.9M SF of retail and 717 residential units, still hasn’t begun construction.
Despite being 94% occupied in 2023, up from 76% the year before, the mall’s net cash flow last year was 10% below 2022 and 29% below when the property was underwritten, according to Morningstar Credit. It attributed that cash flow drop to a “combination of declining revenue and increased expenses.”
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