LITHONIA, Ga. (AP) — The Mall at Stonecrest is facing debt trouble that leaves it vulnerable to foreclosure.
Fitch Ratings has reported that a loan backed in part by the Lithonia mall is now held by a company that helps firms work out of debt.
The Atlanta Journal-Constitution reports the move will not affect mall operations. Still, Lithonia Mayor Deborah Jackson called the problems “disturbing news.”
Several malls across Georgia have faced financial difficulties, especially since the Great Recession. Gwinnett Place Mall went into foreclosure last year. The loan on Southlake Mall in Morrow last year went to the same firm now holding the Stonecrest loan. Union Station Mall in south Fulton County was foreclosed in 2010.
Three other Georgia malls in Macon, Gainesville and Rome have also faced foreclosure.