PREIT and Simon Properties Group, owners of the Springfield Mall, did not pay off their loan for the mall ahead of its maturity date last month, writes Noah Zucker for Bisnow.

The $32.4M loan underpinning the Springfield Mall was scheduled to mature in early October. It has now been flagged as “non-performing matured,” according to Morningstar Credit.

The loan covers the mall interior, not the anchor spaces occupied by Target and Macy’s.

The mall on Baltimore Pike has been underperforming and not meeting the expectations outlined in the loan’s underwriting.

Net cash flow last year was 29 percent less than expected when the loan was created in 2015 by Cantor Commercial Real Estate Lending, according to Morningstar.

Occupancy this year is at 89 percent, down from 97 percent in 2023, but up from 83 percent in 2020.

Retailers pay their mall rent as a set percentage of their income.

“Many tenants had lower sales in the past year, resulting in lower percentage rents received at the property,” according to Morningstar’s commentary.

Limited dining options and filling store vacancies with lower-rent local tenants contribute to the mall’s struggles, said Morningstar Senior Vice President David Putro.

Read more about the Springfield Mall’s status in Bisnow.

This The Retail Archives video takes us inside Springfield Mall to see how a classic suburban mall is holding up in 2026. From its 1974 opening with Wanamaker’s and Bamberger’s, through decades of anchor changes, renovations, and retail turnover, the mall tells a very familiar American story.

Editor’s Note: This post first appeared on DELCO Today in November 2025.