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Over the past 12 months, 16 CMBS loans with a balance of $1.75 billion against enclosed shopping malls have been modified, with most receiving term extensions, according to data culled from the Trepp CRE platform.
Poag Development Group, which purchased the RiverTown Crossings Mall in suburban Grand Rapids, Mich., has assumed what had been a troubled $130.48 million CMBS loan against the 24-year-old shopping center.
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