Sunday, November 29, 2015

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."

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About this blog

PhillyDeals posts interviews, drafts and updates that Joseph N. DiStefano writes alongside his Sunday and Monday columns and ongoing articles about Philadelphia-area business.

DiStefano studied economics, history and a little engineering at Penn. He taught writing and research at St. Joe’s. He has written for the Inquirer since 1989, except when he left a few times to work at Bloomberg and elsewhere. He wrote the book Comcasted, and raised six kids with his wife, who is a saint.

Reach Joseph N. at, 215.854.5194, @PhillyJoeD. Read his blog posts at and his Inquirer columns at Bloomberg posts his items at NH BLG_PHILLYDEAL.

Reach Joseph at or 215 854 5194.

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