NIAGARA FALLS, N.Y. — The owner of the Fashion Outlets of Niagara Falls has secured an extension on its $84.37 million loan balance — about five months after the loan was due.
The commercial mortgage-backed securities loan, which was originated in October 2010 by lender GACC, is held in a portfolio of similar property mortgages that have been sold off in shares – or CMBS – to investors.
The loan was set to mature Oct. 1, 2023 and about seven months ago was sent to a special servicer — an entity designated to help the lender and borrower resolve the issues — due to maturity default. A maturity default occurs when a borrower fails to pay the lender the balloon payment on a mortgage, or principal balance, when due at the maturity of the loan.
Read more from our partners at Buffalo Business First.
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