The owner of the Whiteland Towne Center in Exton was rejected by its lender after asking for COVID-19 relief on a $36.8 million loan, writes Natalie Kostelni for the Philadelphia Business Journal.

A partnership of Gorman & Co. and Abrams Realty & Development purchased the 359,673-square-foot shopping center three years ago for $40 million. The new owner launched a renovation of the center and commenced a search for new tenants to fill around 40,000 square feet of vacant space.

In January, the partnership took out a Citi-originated $36.8 million loan to refinance the center, which already had a third of the renovations completed and was 94 percent occupied. The center was doing well until the mandatory closures occurred.

“Like most shopping centers, our tenants have been hit hard by this pandemic,” said Matt Gorman of Gorman & Co.

He said that without relief from the lender, “the property is not cash flowing, and we are reaching into our own pockets.”

Still, he is optimistic about the future and believes that the “center will be fine once everyone is allowed to reopen.”

Read more about the Whiteland Towne Center in the Philadelphia Business Journal here.

You Might Also Like

While Other Retailers Are Retrenching Amidst Pandemic, Lands’ End Opens New Store in Exton

His Facebook Post Revived a Local Pizza Shop. Now, Two Business Owners Have Awarded Him $3,000

Washington Post: Communities of Color in Chester County at Higher Risk of Death from Coronavirus