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.