Saturday, August 23, 2014
Inquirer Daily News

Banks to grab Atlantic City's glitzy, deadbeat Pier Shops: report

BofA lent $135 million for a mall worth just $52 million

Banks to grab Atlantic City's glitzy, deadbeat Pier Shops: report

Gucci, Tiffany, Buddakan, Phillips Seafood, and a cool address - One Atlantic Ocean - didn't save Atlantic City's glitzy four-year-old Pier Shops at Caesars mall.

"Taubman Centers Inc., one of the nation's leading mall developers, is preparing to hand over the keys to lenders headed by Bank of America Corp. after defaulting on a $135 million loan for The Pier" a year ago, says the Atlantic City Press here.

"Taubman, now estimating the mall is worth just $52 million in the fragile economy, expects the lender takeover to be complete this year."

Joseph N. DiStefano
About this blog

PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
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