Macerich Defaults on $325MM Loan at 969,000 SQFT Fresno Fashion Fair, a Mall It Still Plans to Keep

Macerich has defaulted on the $325 million loan backing Fresno Fashion Fair after the decade-old, 3.67 percent debt matured Nov. 1, putting one of the mall owner's designated long-term keepers, not a castoff, on the wrong side of the refinancing gap that opened when interest rates climbed after 2021.