Two of Tampa Bay’s largest suburban malls are facing foreclosure and are slated to be taken over by their lender after both defaulted on multi-million-dollar loans.
The mortgage lender to both the Westfield Citrus Park and Countryside malls filed lawsuits on Tuesday, saying they had failed to make principal payments since May. The malls defaulted on commercial mortgage-backed security loans, creating a combined debt owed of nearly $278 million.
“Due to the continuing impact of the COVID pandemic, Westfield is working with the special servicer in regard to the foreclosure of Countryside and Citrus Park and, given the circumstances, believe
