New Jersey Mall Owned by JPMorgan, NY Pension Faces Foreclosure

A New Jersey mall owned by a joint venture of the New York State Teachers’ Retirement System and JPMorgan Chase & Co.’s asset-management arm faces potential foreclosure because it has failed to land new financing for a $300 million mortgage that came due this month.

The owners of Bridgewater Commons in Somerset County, less than 50 miles (80 kilometers) west of New York City, received a default notice and entered talks for a potential deed-in-lieu of foreclosure, in which the borrower agrees to surrender the property to lenders, according to a monthly filing on the loan.

“Ownership is in discussions ...