BLOOMINGTON, Minn. (FOX 9) - After falling behind on mortgage payments following the onset of the pandemic, the Mall of America is now current on its mortgage, according to a spokesperson for the mall.
Triple Five, the owners of the Mall of America, missed at least two payments on its $1.4 billion mortgage last year. Due to COVID-19 restrictions, the mall temporarily closed in mid-March and did not reopen until June.
According to a statement from the Mall of America, staff began working with lending partners and were able to resolve outstanding issues by modifying the loan terms.
"Early in our conversations, lenders pointed out their strong confidence in the long-term success and viability of Mall of America," read a statement in part. "They understood that we faced a short-term cash flow issue during a time when many tenants were temporarily unable to pay rent due to the financial impacts of the pandemic."
According to the statement, the Mall of America has encouraged its tenants to apply to PPP loans and other programs amid the pandemic.
While the mall is open for retail, attractions like Nickelodeon Universe remain closed. Indoor dining is also not allowed, due to the governor's current order.