Southfield Center Shopping Mall Struggles To Keep Afloat

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The Southland Center shopping mall is struggling. According to New York City-based Trepp LLC, the shopping mall is underwater on its commercial mortgage-backed securities debt (CMBS).  The mall was appraised for $66.9 million in September after it went into special servicing. It owes $64.5 million on its 2012 $78.75 million Barclay’s loan. Rialto Capital Advisors LLC is the special servicer and can determine whether to foreclose on the loan or arrange an agreement or loan modification. Special servicers are appointed upon default of a loan.