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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.
New Providence charter school signs lease for part of former St. Josephâs Hospital
Excel Academy will accept students from Providence, North Providence, and Central Falls.
By Dan McGowan Globe Staff,May 12, 2021, 11:08 a.m.
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ICYMI: Rhode Island was up to 150,097 confirmed coronavirus cases on Tuesday, after adding 134 new cases. The most-recent overall daily test-positive rate was 1.7 percent, and the first-time positive rate was 11.4 percent. The state announced four more deaths, bringing the total to 2,694. There were 104 people in the hospital, and 455,531 residents were fully vaccinated.
RI Gov Dan McKee s reelection chances good despite crowd of challengers providencejournal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from providencejournal.com Daily Mail and Mail on Sunday newspapers.