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GGP Misses Payments

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General Growth Properties Inc., the U.S. shopping mall owner with $900 million in loans due yesterday, remains in talks with its lenders, a spokesman said.

"We continue to talk to all of our lenders, and as soon as we have something to announce, we will do so," Tim Goebel, a spokesman for the Chicago-based company, said yesterday in an interview.

General Growth, which owns several local malls, including Harborplace and The Gallery, Towson Town Center and The Mall in Columbia, is also Columbia's master developer.

General Growth had extended until yesterday payment of a $650 million loan on the Fashion Show Mall and a $250 million loan on the Shoppes at the Palazzo, both in Las Vegas. The loans originally were due in November, and both properties have been up for sale since October. General Growth has said it might have to file for bankruptcy protection if it's unable to refinance debt.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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