Washington Prime Group Misses Debt Payment, May Shed More Mall Assets
Washington Prime Group (WPG), a former Simon spinoff and public mall real estate investment trust (REIT), which has been struggling for several years, skipped a debt payment and hired legal counsel and an investment banker, according to company filings. On February 16, the company disclosed that it withheld a $23.2 million interest payment due February 15 on its senior notes and that it had invoked a 30-day grace period. WPG sponsors $1.31 billion in loans packaged in commercial mortgage-backed securities (CMBS).
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