(October 2, 2024) - OPEX CRE Management, under the leadership of Brenton Hutchinson, has been selected as the court-appointed receiver of Philadelphia Mills Mall, formerly known as Franklin Mills Mall, as of September 20, 2024. This iconic shopping center, which first opened its doors in May of 1989, spans an impressive 1.6 million square feet of retail space and stands as the second-largest mall in Pennsylvania.
The appointment follows the transfer of the $290 million loan to Greystone Special Servicing in April 2024 ahead of its scheduled maturity in June. Despite the challenges associated with the maturity, the property’s ownership maintained consistent debt service payments on the loan through June. The loan is part of two 2007-vintage commercial mortgage-backed securities (CMBS) trusts.
Brenton Hutchinson commented on the appointment, stating, "We are committed to managing this significant asset with the same level of expertise and diligence that OPEX CRE Management is known for. Our team will work to stabilize the property, ensuring the best outcomes for all stakeholders involved."
As a court-appointed receiver, OPEX CRE Management will oversee the day-to-day operations of the mall, ensuring its continued viability while working closely with Greystone Special Servicing to navigate the complex financial landscape surrounding the property.
About OPEX CRE Management: OPEX CRE Management is a premier commercial real estate management company that views assets from an ownership perspective, aiming to enhance value while delivering top-notch service to clients. With expertise in property management, facilities management, accounting, construction, lease administration, and receivership, OPEX CRE is dedicated to driving creative solutions and operational efficiency across its managed portfolio.