The Country Club Plaza’s owner defaulted on nearly $300 million in debt, a setback that could put the iconic retail center in position for an ownership shakeup.
The Plaza’s ownership, a 50-50 joint venture between Taubman Centers and The Macerich Co., defaulted on the $295.2 million balance of its acquisition loan, effective May 9. The owners are in negotiations with lender Nuveen on the debt’s terms, Macerich reported this month in a filing with the Securities and Exchange Commission.
“We are in discussions with our lender, Nuveen, and are actively working toward a mutually acceptable outcome,” a Plaza spokesperson said Thursday.
“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.”
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