The owner of the massive Westfield Montgomery mall in Bethesda has received a two-year extension on a $350M loan after it didn’t pay off its debt ahead of its August maturity.

The 836K SF property tied to the loan also received a new valuation that cuts it nearly in half from a decade ago, according to Morningstar Credit.

The owner, Paris-based Unibail-Rodamco-Westfield, has until August 2026 to pay off its extended loan on the mall, which now has an outstanding balance of $333.5M. With the extension, the owner agreed to an immediate payment of $16M and an additional $5.5M to be paid over the next two years.

The extension comes after the loan was transferred to special servicing in April, four months ahead of its August maturity.

The new valuation on the property is $353M, down from $680M when the loan was securitized in 2014, according to Morningstar.

URW didn’t respond to a request for comment before publication.