KANSAS CITY, Mo. — A quarterly report filed in August by the Macerich Company shows the company’s joint venture with Taubman Realty Group in the Country Club Plaza defaulted on a loan in May.
The U.S. Securities and Exchange Commission document reported the non-recourse property loan default amount was $295.2 million, $147.6 million at the pro rata share.
Macerich and Taubman have begun negotiations with the lender on the terms of the loan, per the quarterly report.
“We are in discussions with our lender, Nuveen, and are actively working toward a mutually acceptable outcome. In the meantime, we remain committed to the success of the Plaza and will continue to hold the Plaza’s beloved events, including the Art Fair and the Plaza Lights, while actively engaging with potential tenants to ensure the success of the district,” the Plaza shared in a statement.
This year’s Plaza Art Fair is set to run Sept. 22-24.
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