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.
Email to a Friend
LEADING OFF
Happy Wednesday and welcome to Rhode Map, your daily guide to everything happening in the Ocean State. Iâm Dan McGowan and my new goal in life is to appear on the reboot of âLegends of the Hidden Temple.â Follow me on Twitter
.
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.
Governor Raimondo is leaving office, and the âSupermanâ building is still vacant
Raimondo accomplished many of her goals for rebooting Rhode Islandâs economy, but the stateâs tallest building will be among the most notable misses on her record.
By Dan McGowan Globe Staff,Updated February 4, 2021, 3:52 p.m.
Email to a Friend
The Superman building the the largest commercial building in Rhode Island stands vacant.David L. Ryan/Globe Staff
PROVIDENCE â It was one of the most memorable campaign ads from Gina Raimondoâs first run for governor in 2014.
Raimondo, her husband, and their two children were riding their bikes across various parts of the state as Ceci, Raimondoâs daughter, told viewers about her momâs plan to create jobs, solve the stateâs infrastructure challenges, and finally begin construction on the former I-195 land in Providence.
The Doc
Dennis “Doc” Littky has spent a lifetime working to transform education. He is one of the leading innovators in America and arguably the biggest change agent in education in America. He either single-handedly or with others co-founded The Big Picture - a network of high schools across the country, The Met School and now an accredited college College Unbound.
His work as a principal at Thayer Junior/Senior High School in Winchester, N.H. was featured in an NBC movie, A Town Torn Apart based on the book Doc: The Story of Dennis Littky and His Fight for a Better School.