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Providence Place mall owner seeks mortgage relief after COVID struggle
The owner of the Providence Place mall has fallen behind on the property s mortgage and is trying to refinance its obligations on the property, according to ratings agency Fitch.
The mall mortgage was placed in special servicing April 27 due to imminent monetary default, Fitch Ratings said as it downgraded the credit rating of bonds containing the mortgage.
A special servicer manages securitized loans that are in default.
Providence Place, like numerous other malls in the country, was hit hard by the COVID-19 pandemic.
According to Fitch, Providence Place was 86.2% occupied in December. Stores in the mall, excluding the Apple Store, reported sales of $417 per square foot in 2020 compared with $647 per square foot in 2019.
A teacher said he was destined for failure. Now heâs a police chief with a PhD
Anthony Roberson understands the power of positive relationships and wants his officers in Central Falls, Rhode Island, to forge them with the people they serve.
By Amanda Milkovits Globe Staff,Updated May 6, 2021, 7:30 a.m.
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âAs a law enforcement officer, you go into a variety of situations, all the way from homicide to minor disturbances. When you go in there with education, you go in there with solutions available to you,â says Anthony Roberson, the new chief in Central Falls and a former Providence police officer.Lane Turner/Globe Staff