As negotiations continue with the city for the sale of excess land around Stony Point Fashion Park, a loan backed by the Southside mall has slipped into delinquency.
Starwood Retail Partners, owner of Stony Point since 2014, has missed its last two payments on the debt secured by the nearly 700,000-square-foot property, as well as two other malls in Texas and Michigan, according to Trepp, a commercial real estate tracking firm.
While foreclosure isn’t imminent, the missed payments have triggered initial steps by the loan servicer to keep a closer watch on its status and the borrower’s intentions.
