Independence Mall’s financial woes showcased through local-media attention
KINGSTON- An article published in the Boston Business Journal, last Tuesday, rose more than a few eyebrows in Kingston.
Douglas reported that the Independence Mall’s lender, Wells Fargo, now expects the Kingston property to default.
According to Douglas, in the past six years the Kingston mall has seen a 23% decrease in occupancy, and is now running on a deficit.
Bloomberg data reports that the cash flow of Independence Mall between January and April of this year had plummeted to $995,821.
During the same three-month span, the Independence Mall paid out over $1M in debt services.
“LENDER BRACES FOR ‘IMMINENT DEFAULT’ ON KINGSTON MALL’S $72M MORTGAGE” -Headline of Editor Craig Douglas’ story last week
KingstonJournal.com approached Independence Mall management today for comment. Pyramid Companies security officers told KingstonJournal.com that nobody from mall management was on the premises during our Saturday visit.
Calls to the parent company of Independence Mall, Pyramid Companies, also went unreturned this weekend.
The Kingston Mall was appraised at $181M in 2006, and according to Douglas, the remaining balance on the mall’s mortgage is $72M.
Independence Mall has been the largest tax contributor in the Town of Kingston since the early 1990’s.
The mall is also the Kingston’s largest employer.
If Independence Mall defaults on its mortgage it will be the latest shoe to drop as part of a disturbing trend in Southeastern Massachusetts.
Since the economic downturn in 2008, similar malls in Hanover, Taunton, and Brockton have gone into the red.
Read the full article in Boston Business Journal by clicking on the link provided (to read the full Boston Business Journal article by Craig Douglas, click here.)
KingstonJournal.com is the first Kingston publication to cover the financial troubles of Independence Mall, and we will stay on this story with future, in-depth, updates.