NIAGARA FALLS, N.Y. — With less than a month and a half until its loan with a balance of $87.5 million comes due, the future of the Fashion Outlets of Niagara Falls remains unclear.
The commercial mortgage-backed securities (CMBS) loan, which was originated by lender GACC, is held in a portfolio of similar property mortgages that have been sold off in shares – or CMBS – to investors, according to this month’s filings to bond investors.
Macerich (NYSE: MAC), the property’s owner, has paid off about $34.85 million since the loan was secured in October 2010. It is set to mature Oct 1.
Read the full story from our partners at Buffalo Business First.
