Unibal-Rodamco-Westfield (URW) has defaulted on a roughly $235 million securitized loan tied to Westfield Wheaton– the largest mall in suburban Maryland and the fourth-largest in the Greater Washington area. The mall was originally built in 1958 and was known as Wheaton Plaza– the first shopping mall in Montgomery County.
According to a report by Biz Journals, The Paris-based firm missed the March 1 payment for the $234.6 million loan on this 1.6-million-square-foot regional mall at 11160 Veirs Mill Road. On March 14, the loan was moved to special servicing, with bondholders noting that Westfield is now “discussing options” with Greystone.
URW’s 2024 Universal Registration Document confirms that the asset’s fate could include sale, foreclosure, or refinancing, though the company insists this default “has no impact on the rest of the Group’s debt.” Biz Journals reports that in a brief statement, URW said it’s exploring “all options” for Westfield Wheaton, one of its “few remaining regional malls” in the U.S. (the group now lists 15 centers nationwide, with only one other in Greater Washington).
Westfield Wheaton, which boasts tenants such as AMC Theaters, Costco, Dick’s Sporting Goods Macy’s, Target, and more remains 90% occupied as of the end of 2024, with major leases set to expire between 2026 and 2033. URW holds full ownership of the mall after buying out its joint venture partner O’Connor Capital Partners in February. The full report by BizJournals can be seen here.