Ben Ashkenazy extended the loan on the Beverly Connection for two years after the debt entered special servicing due to delinquency. The property was reappraised at $193 million, a 26% decrease from the value at issuance ten years ago, and below the 2014 purchase price of $260 million. However, Ashkenazy Acquisition claims a recent appraisal values it over $300 million. Occupancy declined to 92% in 2023, and net operating income fell from $23 million to $10 million. The mall recently welcomed a new tenant, Bloomingdale's, contributing to occupancy levels above 95% with significant national tenants like Target.
Ben Ashkenazy extended a loan on the Beverly Connection by two years after the debt was stuck in special servicing due to delinquency, with a recent appraisal at $193 million.
The shopping center’s value significantly dropped from the purchase price of $260 million in 2014, but Ashkenazy Acquisition claims recent appraisal shows a value exceeding $300 million.
Occupancy at the mall fell to 92 percent in 2023, down from 98 percent at issuance, while net operating income plummeted from $23 million to $10 million in a year.
Despite the challenges, the Beverly Connection maintained robust leasing activity, achieving occupancy levels exceeding 95 percent with significant tenants, including a new Bloomingdale’s storefront.
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