Employees at Lego clean and organize the store as shop owners prepare for the reopening of Colorado Mills mall in November 2017. A hailstorm that year closed the mall for months. (Helen H. Richardson, The Denver Post)
Lakewood’s Colorado Mills mall is back in good graces with its lender.
Indianapolis-based Simon Property Group, a major mall owner, has struck a deal to modify the property’s existing loan, paying $7.5 million toward the balance and extending the terms through November 2026.
That’s according to Morningstar Credit, which tracks commercial real estate loans. Morningstar puts the loan amount at around $110 million.
Simon Property didn’t respond to a request for comment from BusinessDen.
The mall’s loan originally matured last November, meaning it was supposed to be paid off by that date. The loan was transferred to special servicing in August 2024 because of anticipated default. At the time, Simon Property was current on payments but not expected to be able to pay off the loan.
Special servicers are essentially negotiators brought in when a lender gets concerned about an asset.
According to Trepp — another loan-tracking firm — Colorado Mills’ note is collateralized by 918,500 square feet. That’s most, but not all, of the mall’s retail space at 14500 W. Colfax Ave. The overall mall was approximately 90% occupied at the end of 2024.
Completed in 2002, Colorado Mills was originally developed by Maryland-based Mills Corp., which Simon Property Group acquired in 2007. Mall anchors include Target, Burlington, Dick’s Sporting Goods and a Regal movie theater.
Elsewhere in the local mall lending scene, Gart Properties’ Denver Pavilions has an $85 million loan that matures in July. Gart Properties CEO Mark Sidell told BusinessDen in March that the property was “in a tenuous situation” and that he couldn’t rule out a foreclosure or simply handing ownership of the property to its lender.
Employees at Lego clean and organize the store as shop owners prepare for the reopening of Colorado Mills mall in November 2017. A hailstorm that year closed the mall for months. (Helen H. Richardson, The Denver Post)
Lakewood’s Colorado Mills mall is back in good graces with its lender.
Indianapolis-based Simon Property Group, a major mall owner, has struck a deal to modify the property’s existing loan, paying $7.5 million toward the balance and extending the terms through November 2026.
That’s according to Morningstar Credit, which tracks commercial real estate loans. Morningstar puts the loan amount at around $110 million.
Simon Property didn’t respond to a request for comment from BusinessDen.
The mall’s loan originally matured last November, meaning it was supposed to be paid off by that date. The loan was transferred to special servicing in August 2024 because of anticipated default. At the time, Simon Property was current on payments but not expected to be able to pay off the loan.
Special servicers are essentially negotiators brought in when a lender gets concerned about an asset.
According to Trepp — another loan-tracking firm — Colorado Mills’ note is collateralized by 918,500 square feet. That’s most, but not all, of the mall’s retail space at 14500 W. Colfax Ave. The overall mall was approximately 90% occupied at the end of 2024.
Completed in 2002, Colorado Mills was originally developed by Maryland-based Mills Corp., which Simon Property Group acquired in 2007. Mall anchors include Target, Burlington, Dick’s Sporting Goods and a Regal movie theater.
Elsewhere in the local mall lending scene, Gart Properties’ Denver Pavilions has an $85 million loan that matures in July. Gart Properties CEO Mark Sidell told BusinessDen in March that the property was “in a tenuous situation” and that he couldn’t rule out a foreclosure or simply handing ownership of the property to its lender.
