Fairlane Town Center value plunges by more than 50 percent
Dearborn mall appears headed for sale as owner struggles to pay CMBS debts
Dearborn's Fairlane Town Center appears headed for sale as owner Starwood Capital Partners struggles to pay its CMBS debts.
As a sale appears likely following a mortgage default, the Fairlane Town Center shopping mall in Dearborn is worth less than half what it was when it was bought more than six years ago.
Data provided by New York City-based Trepp LLC shows that Fairlane, located at 18900 Michigan Ave., is worth just $42.75 million, according to an August 2020 appraisal.
That's down 57.7 percent from $101 million when Miami Beach, Fla.-based owner Starwood Capital Partners bought it from what was then Taubman Centers Inc. as part of a $1.4 billion deal that also included The Mall at Partridge Creek in Clinton Township and five other malls.