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Distressed Suburban Philly Mall Valued At $30M, Down 73%
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Distressed Suburban Philly Mall Valued At $30M, Down 73%
The valuation of an underperforming Delaware County mall sank this month after the borrowers missed their payoff date last year. Springfield Mall at 1250 Baltimore Pike was valued at just $30M in a recent appraisal, according to CMBS monitoring platform Morningstar Credit. That is down 73% from the $112M valuation when owners PREIT and Simon Property Group originated their loan on the property in 2015. The 4.45% fixed-rate loan still has a balan…
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