From $178M to $80M: Port Chester’s Waterfront shopping center faces foreclosure
A Westchester County retail space is hitting financial trouble. The Waterfront at Port Chester has seen its valuation slashed by 55 percent — from $178 million to $80 million in the last decade, according to Morningstar Credit. Two loans tied to the property have missed their April maturity dates and entered special servicing. G&S Investors developed the 350,000-square foot open air retail space in the town of Rye, with the first business opening in 2002. The biggest tenants now include a Stop & Shop supermarket, AMC Theaters, Marshall’s and Michael’s, according to Morningstar. G&S took out two refinancing loans on […]This article originally appeared on The Real Deal. Click here to read the full story.
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