Southpoint owner negotiates loan extension
The News & Observer reports: General Growth Properties, the country's second-biggest owner of shopping malls, negotiated a last-minute payment extension for almost $1 billion in debt, a deal that gives the beleaguered Chicago real estate investment trust a two-week lifeline in a frozen debt market.
Those who can close real estate deals have been particularly wary of retail properties, as slack consumer spending threatens more store closures and bankruptcies.
There were only $880 million in U.S. retail-property sales in October. That's down 76 percent from the same month last year, according to Real Capital Analytics, a New York research firm.
View the full article on The News & Observer: Southpoint owner negotiates loan extension
Posted by: Nina Turner