Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

Mall of America owner enters into agreement to stay out of foreclosure

 

August 20, 2020

RICHARD TSONG-TAATARII/Star Tribune

Mall of America in Bloomington has been behind on its mortgage payments since the temporary closure due to pandemic mandates.

The owner of the Mall of America continues to be months behind on its mortgage payments and has entered a cash-management agreement to avoid foreclosure.

The MOA's owner, Triple Five Group, started having trouble meeting the mortgage after the mall had to close in March due to state-mandated efforts to curb the spread of coronavirus.

The loan was transferred to special servicing in May after Canada-based Triple Five was no longer making full payments. At the time, a mall representative said revenue had fallen 85%.

https://www.startribune.com/moa-behind-on-its-mortgage-reaches-deal-to-avoid-foreclosure/572158332/

 

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