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Charleston Town Center to default on multi-million dollar loan Friday

Charleston Mayor Danny Jones said the Charleston Town Center will default on a multi million-dollar loan Friday. (WCHS/WVAH)

Charleston Mayor Danny Jones said the Charleston Town Center will default on a multi million-dollar loan Friday.

According to Fitch Ratings, an international credit rating agency, the Charleston Town Center will will default on a loan of more than $93,096,000 on Friday, when the loan matures.

The loan has been transferred to a special servicing firm that collects on mortgages that are in default or delinquent.

Jones said he is concerned, but not worried and said the mall will be working to negotiate a new deal.

No stores should be affected.


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