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Stony Point Fashion Park has a new owner after the former owner of the mall defaulted on his loan | Business




Stony Point Fashion Park is under new ownership.

Midland Loan Services, named as special manager of a default loan to the owner of the South Richmond Mall and two other malls, has taken control of the three properties, according to a report this week in the Dallas Morning News .

Starwood Retail Partners, which bought Stony Point and the other two shopping centers in 2014, defaulted on the loan in March and the loan was placed on negative watchlist, Fitch Ratings Inc.

Starwood said at the time that it was trying to expand and restructure its funding for the three Stony Point shopping centers; The shops of Willow Bend in Plano, Texas; and Fairlane Town Center in Dearborn, Mich.

Starwood declined to comment on the latest report on the Midland Loan Services takeover of properties, a spokesperson said on Wednesday. Vincent Mistretta, managing director of Stony Points, did not answer the repeated phone calls.

Midland Loan Services, a unit of PNC Financial Services Group, could not be reached for comment.

Trigild, a property management company specializing in receiverships and bankruptcy, now manages the shops of Willow Bend, the Dallas Morning News reported, citing mall tenants as the source.

At least three tenants from Stony Point said they had not been informed of a change in the management or ownership of the property.

According to Trepp LLC, Starwood owed $ 135.7 million on the original $ 161 million loan owed to the lender on November 8. The balance of Stony Point’s portion of this loan portfolio was approximately $ 30.27 million, or 22.31% of the total amount owed, according to Trepp LLC, a New York-based data and research provider for the commercial real estate market.

Trepp reported in January that the loan guaranteed by the three shopping centers was in arrears.

All three shopping centers have experienced a steady decline in cash flow since the loan was issued, said Fitch in his March report.

Midland Loan Services, the special service, had started a 60-day forbearance or hold period in January while trying to work with Starwood on options. But these proposed loan changes did not happen as planned in early March, said Fitch in his report.

“Midland is working … with a board to define the right strategy for this asset,” said Trepp in its March report.

A subsidiary of the private equity firm Starwood Capital Group acquired Stony Point and six other shopping centers, including MacArthur Center in downtown Norfolk, for $ 1.403 billion in October 2014 from Taubman Centers Inc., based in Michigan .

Starwood took out two loans to pay part of the agreement.

A loan portfolio used Stony Point and the other two shopping centers as collateral.

The other loan portfolio used four shopping centers as collateral MacArthur Center in Norfolk; Northlake Mall in Charlotte, N.C .; The Mall at Wellington Green in Wellington, Florida; and the Partridge Creek Mall in the Township of Clinton, Michigan. Starwood is also in default on this loan, said Trepp.

Stony Point has temporarily closed from March 24 to help slow the spread of the coronavirus. The mall then announced that it would reopen on April 6, but like most malls, it remained closed.

Stony Point, located off Chippenham Parkway in south Richmond, is a 668,000 square foot shopping center that opened in September 2003, two weeks after the opening of the Short Pump Town Center shopping center in Crosstown.

The main tenants of Stony Points are Saks Fifth Avenue, Dillards and CinBistro dinner-cinema.

The 84,000-square-foot Dicks Sporting Goods store closed in September 2018 and remains vacant, but the mall lists the building as a “health club” on its website. Life Time Fitness, the Minnesota-based company that manages more than 150 high-end fitness clubs across the country, last year envisioned the mall for one of its clubs.

Several years ago, the mall also lost some of its prominent tenants, including Louis Vuitton, Betsey Johnson, Hollister Co. and Build-a-Bear Workshop.

Brio Tuscan Grille has permanently closed 71 of its 92 restaurants across the country, including Stony Point, after the restaurant chain’s parent company filed for bankruptcy earlier in April.

PHOTOS: Stony Point Fashion Park over the years

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