B
rookfield Properties narrowly avoided a financial crisis by refinancing the Park Meadows indoor mall in Lone Tree, Colorado, just two days before its $615 million loan was set to mature on November 1. The New York-based investor secured a new five-year loan for $700 million, allowing it to avoid defaulting on the original loan.

    The mall, which is the second-largest shopping center in the Denver market, had been making interest-only payments of $1.6 million per month since late 2019. Brookfield had paid 3.18% interest on the original loan and was 97% leased to tenants such as Crate & Barrel and Nordstrom.

    The refinancing is part of a larger effort by Brookfield to address financial distress at several of its malls. The company owns 135 retail properties across 40 states, but has faced challenges in paying off mortgage loans. In July, one of its malls in Texas was sent to special servicing for maturity default on a $66.4 million loan.

    Brookfield's refinancing efforts have been successful in some cases, including a $265 million loan secured for a mall in Southern California and a $750 million refinancing for a tower in Manhattan's financial district. However, the company has also faced setbacks, such as surrendering control of a half-empty mall in San Francisco to its lender after ceasing payments on a $558 million loan.