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Crain’s: Geneva Commons reportedly defaulted on $40.4M loan

Geneva mayor: Report won’t damage shopping center’s commercial standing

Published: Saturday, May 11, 2013 5:30 a.m. CST • Updated: Saturday, May 11, 2013 6:59 a.m. CST
(Shaw Media file photo)
Geneva Commons, a 438,000-square-foot mall in Geneva, reportedly defaulted on a $40.4 million loan that was due last week.

GENEVA – The owners of Geneva Commons, a lifestyle mall on Randall Road in Geneva, defaulted on a $40.4 million loan, Crain’s Chicago Business reported Friday.

The owners of the 438,000-square-foot shopping center, two limited partnerships advised by Invesco Ltd., reportedly failed to pay off the loan when it was due last week, according to a report by Fitch Ratings, Crain reported.

At Mid-America, someone who refused to reveal her name referred all questions to Invesco and said, “At Mid-America, it’s business as usual.”

Mid-America is the leasing and management company for the mall, which opened in 2002.

Invesco spokesmen have not returned voice mail and email messages seeking comment.

A Fitch spokesman also did not return a voice mail message seeking comment. 

Geneva Mayor Kevin Burns said he did not think the report damaged the mall’s commercial standing. He said the mall’s ownership is expected to issue a news release in response to the default report.

“We believe it’s a reassignment of the loan, primarily a financial exercise,” Burns said of the default report.

Economic Development Director Ellen Divita said a similar report on the Algonquin Commons last year has not stopped that mall from continuing in business and thriving.

“I think the [Geneva] center is healthy and will continue to operate – and get this straightened out,” Divita said.

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