Business & Tech
Mall Near Duluth Still Battling Financial Woes
The Lawrenceville, Ga. mall recently transferred their $130 million dollar mortgage, which was facing maturity default.
Sugarloaf Mills is still trying to battle its debt. On October 4, the mall in Lawrenceville, Ga. transferred their $130 million mortgage, reports 11Alive. The loan was nearing maturity default.
It was one year ago that the mall was renamed Sugarloaf Mills after a 10-year naming deal with the Discover Card ended.
The Simon Property Group owns the shopping center. They also own the Mall of Georgia in Buford.
In 2011, Simon missed a balloon payment on the mall's mortgage. In 2012, Sugarloaf Mills opened several new stores including an Old Navy Outlet and Crazy 8. This summer, they announced a new Shoney's coming to the mall.
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