Apple Store closes at MacArthur Center Mall in Norfolk

By the end of 2019, the mall owner, Starwood Property Trust, was in default on a $ 750 million loan requested in 2014 that used MacArthur and three other malls as collateral. A valuation at the time valued all four at $ 1.07 billion, according to informationon from Trepp LLC, which tracks commercial real estate and securitized mortgages. In December 2019, a new valuation set their value at $ 366.7 million. At the time the loan matured, Starwood still owed more than $ 680 million. Wells Fargo was installed as a special servicer on the loan and Jones Lang LaSalle was called in to manage the mall. Ambitious plans introduced in early 2018 to expand the mall’s footprint on …

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  • According to this source Apple Store closes at MacArthur Center Mall in Norfolk
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