ST. LOUIS COUNTY, Mo. — The mortgage for one of St. Louis’ busiest malls was refinanced in what its owner says is a positive step toward post-pandemic recovery, but related documents show the mall's appraised value has dropped by $100 million from a decade ago.
And even as the mall is opening new stores, rents have fallen significantly from before the pandemic, they show.
The $161.9 million loan secured by West County Center, the 1.1 million-square-foot mall at 80 West County Center Drive in Des Peres, was refinanced in a deal that closed March 16, mall owner CBL Properties (NYSE: CBL) said in a news release.
The Chattanooga, Tennessee-based owner of malls nationwide declared bankruptcy in November 2020, following the pandemic and a shift in consumer buying trends that have increasingly affected the retail industry and jeopardized the loans of malls across the country.
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