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Simon's Mass. mall to be sold at foreclosure auction

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Simon's Mass. mall to be sold at foreclosure auction

A SimonProperty Group Inc. affiliate is facing a foreclosure action on itsGreendale Mallproperty in Worcester, Mass., over a $45 million loan default, The Telegram & Gazette reported.

The action is being brought against Mayflower Greendale LPby lender Capmark Finance Inc. Citing Trepp LLC of New York City, thepublication noted that Simon had defaulted on the property loan since October 2015.The property, valued at $14 million by city officials, will be up for sale at aMay 26 foreclosure auction.

The enclosed 309,000-square-foot mall sits on 21 acres nearInterstate 190 and is anchored by Best Buy, T.J. Maxx Home Goods, DSW ShoeWarehouse and Big Lots. Simon paid $72 million for the entire 21-acre site inseparate deals in 1997 and 1999.

Simon representatives did not respond to comment requests,according to the report.