Could the Coastal Grand Mall in Myrtle Beach become a victim of coronavirus?
Coastal Grand Mall might not be able to make payments on its $100 million loan, according to a report.
The news comes as many shops in the mall are closed because of the coronavirus outbreak, likely leaving the mall’s operators with little in revenue. Officials from the mall in Myrtle Beach could not be reached in time for this report.
According to financial analysts Trepp, a $112.6 million loan for the mall was moved to special servicing — basically, a switch in classification for accounting purposes. The switch also notes the mall is “requesting relief due to inability to make loan payments as they become due.”
The collateral on the loan is the 1.1 million-square-foot retail space in Myrtle Beach. Coastal Grand Mall is off U.S. Highway 17.
The Myrtle Beach area has seen its share of impacts from the coronavirus outbreak. Several businesses have announced they are closing as government restrictions increase. The city and state have closed dine-in options at restaurants and South Carolina Gov. Henry McMaster ordered several types of non-essential businesses to close.
Though, several restaurants near the mall offer to-go or curbside pick-up options during the shutdown.
There are more than 150 confirmed coronavirus cases in Horry County, including eight people who have died from the virus. There are more than 3,500 COVID-19 cases across South Carolina.
