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August 06. 2014 2:43PM

Owner of Concord’s Steeplegate Mall defaults on mall’s mortgage

CONCORD — The owner of the Steeplegate Mall defaulted on the mall’s mortgage this month, but a city official said a potential new buyer might be more aggressive in marketing available retail space.

“I don’t anticipate the mall will close,” said Carlos Baia, Concord’s deputy city manager for development.

Rouse Properties, which owns 35 malls in 22 states, disclosed the loan default in its second-quarter earnings results.

“The loan matured on August 1, 2014 and was not repaid, as such the loan is currently in default,” the company said.

Baia said should the mall ownership change, the new owner probably would have less debt on the 24-year-old mall than the current owner and have more flexibility to fill retail space there.

“Hopefully, the mall will turn around,” he said.



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