Friday, September 4, 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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PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

Reach Joseph N. at,, 215.854.5194 or 302.652.2004.

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