Feldman Mall REIT Seals $106M Deal To Shed Final Assets

Law360, New York (November 18, 2011, 3:29 PM EST) -- A subsidiary of Feldman Mall Properties Inc. sold the second-to-last remaining property in the real estate investment trust's portfolio to FMC Stratford Mall Members LLC for $2 million in cash and assumption of $104.5 million in debt, the trust said Friday.

The Stratford Square Mall in Bloomingdale, Ill., was worth less on the market than the $40.8 million value it had on the subsidiary's books, according to a statement. The maturity date on the mortgage indebtedness of $104.5 million is May 9, 2012, the statement said.

The deal puts Feldman Mall one step...
To view the full article, register now.