Bangor Mall value plummets in appraisal conducted by lender
An appraisal conducted by LNR Partners of Miami Beach, Fla., a loan servicer that specializes in troubled debt, values the Bangor Mall at $28.9 million.
The Bangor Daily News reported that’s down 77% from the mall’s $128 million value in 2007, when its primary owner, Simon Property Group of Indianapolis, took out an $80 million loan, using 536,299 square feet of the mall as collateral. Simon defaulted on the loan in October.
“If the lender intends to go through foreclosure, it likely means Simon doesn’t want to own the mall and at sometime it will taken back by LNR and resold,” Edward Dittmer, senior vice president at Morningstar Credit Ratings, told the BDN.
The mall’s remaining 143,142 square feet, formerly owned by the real estate arm of Macy’s, was auctioned Dec. 13. A spokesperson for online auctioneer Ten-X, which handled the auction, told the BDN the name of the winning bidder and the price are protected by confidentiality until the deal closes.
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