FIRM ARRANGES RECEIVERSHIP FOR TALLAHASSEE MALL
TALLAHASSEE, FLA. — Feldman Mall Properties has arranged with the first mortgage lender of the company’s Tallahassee Mall to place the property into a receivership. This action releases Feldman from further obligations associated with the 966,000-square-foot mall. On June 30, Feldman recorded a $45.7 million impairment charge on the property, which is located at 2415 N. Monroe St. in Tallahassee, and the mall carries a non-recourse first mortgage of $44.2 million. The receiver will operate the property on the lender’s behalf.