MMPI in default on High Point loan
-- Home Textiles Today, 5/10/2010 12:13:00 PM
High Point, N.C. - Merchandise Mart Properties Inc.'s parent company is in default on its $217 million mortgage on its High Point showroom building complex, it reported in a financial filing last week.
An MMPI executive told a newspaper that the situation hasn't affected tenants, vendors or employees, and that the buildings continue to operate as usual.
Vornado Realty Trust, parent of MMPI, reported in its first-quarter financial statement to the Securities and Exchange Commission, "In March 2010, we requested that the High Point Complex mortgage loan be placed with the special servicer. We have not made debt service payments since March and are in default. We are in negotiations with the special servicer; there can be no assurance as to the timing and ultimate resolution of these negotiations."
The loan carries an interest rate of 10.35%, which is higher than the rates on other MMPI properties, Vornado reported.
In High Point, MMPI manages about 2.1 million square feet of showroom space that includes 305 West High, Hamilton Market, Market Square, Plaza Suites, Furniture Plaza, the National Furniture Mart and the Suites at Market Square.
It is the second-largest showroom owner after the International Home Furnishings Center
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