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Crain's report: Geneva Commons owners default on loan

Published: Friday, May 10, 2013 2:59 p.m. CST • Updated: Friday, May 10, 2013 5:50 p.m. CST

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 on 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 became 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 voicemail and email messages seeking comment. A Fitch spokesman also did not return a voicemail 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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