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On The Hook
Shopping center landlords strategize to meet debt obligations.
Aug 26, 2008 The Distressed Debt Report Joe Gose
Retail landlords have become some of the most vulnerable debtors in the commercial real estate market amid the ongoing credit market morass, rising prices that are squeezing consumers, and retail bankruptcies and store closings. Like other property investors, several shopping center owners used cheap and abundant short-term leverage to snap up portfolios and fund new projects over the past few years. Now some of those landlords are scrambling to raise cash to pay off maturing loans, particularly developers of malls, lifestyle centers and other large projects.