- Historic Albany mall grapples with $110M loan default amid changing retail landscape
- Pacific Retail Capital Partners remains optimistic about restructuring despite legal challenges
- Colonie Center’s future in focus as tenant closures and redevelopment plans shape its path forward
COLONIE — Colonie Center’s lenders have initiated foreclosure proceedings on a $110 million loan that the mall obtained in 2014, signaling continued financial strain on traditional shopping centers in the region.
The foreclosure, filed in state Supreme Court in Albany County last week, seeks to recover the debt owed by Colonie Center’s owners, Pacific Retail Capital Partners, a Los Angeles-based real estate investment firm. The lawsuit was
brought by Deutsche Bank, acting as the trustee for the loan held by Citigroup Commercial Mortgage Securities. According to court filings, the original loan default occurred in 2023…