Grid Properties’ Harlem shopping center again faces default warning
Grid Properties batted away concerns around the mortgage backing Harlem USA last year. Time will tell if owner Drew Greenwald feels the same way this time around. The $108 million mortgage backing the 250,000-square-foot shopping center was transferred to special servicing, Crain’s reported, citing a report from Morningstar Credit Analytics. The reason for the transfer was “imminent monetary default,” according to the report. The loan is set to mature at the beginning of October. Greenwald did not respond to a request for comment from the publication, nor did the Gotham Organization, which owns a stake in the property. Last March, […]
This article originally appeared on The Real Deal. Click here to read the full story.
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