HIGH POINT, NC – Vornado Realty Trust, parent company of Merchandise Mart Properties Inc., acknowledged in a filing to the Security and Exchange Commission that it is in default on its $217 million mortgage.
MMPI is the second largest owner of showroom properties at the High Point Market, according to the High Point Enterprise. MMPI also owns the Merchandise Mart in Chicago, plus showrooms in Toronto and other North American cities.
In its SEC filing, Vornado stated, “In March 2010, we requested that the High Point Complex mortgage loan be placed with the special servicer. We have not made debt service payments since March and are in default. We are in negotiations with the special servicer; there can be no assurance as to the timing and ultimate resolution of these negotiations.”
An executive with MMPI told the newspaper that “it’s business as usual” and that MMPI remains excited about its showroom holdings in High Point.
Read High Point Enterprise's report.
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