Brookfield Mall in NJ Heads to Receiver After Value Tumbles 70%

New Jersey’s Paramus Park mall, part of a shopping center portfolio that Brookfield Corp. bought for $15 billion in 2018, is being returned to mortgage investors after the property value was slashed more than 70%.

The servicer of the $120 million mortgage is “pursuing noteholder’s rights and remedies,” according to a filing this week on the loan. A receiver was appointed in May for the property, the filing said. Paramus Park was recently appraised at about $61 million.

US malls are undergoing a culling process as leasing and traffic suffer at secondary locations even as sales soar at top-performing ...