The Natick Mall. Photo courtesy of the Massachusetts Office of Travel and Tourism / CC BY-ND 2.0

Natick Mall’s debt was transferred to a special servicer and faces the potential loss of dozens of tenants with imminent expiring leases.

The mall’s owner, Brookfield Properties, is seeking a “multi-year extension” of the $505 million loan’s maturity date, according to a statement a Brookfield spokesperson provided to Bisnow.

According to a report by debt researchers Trepp, the mall has 57 tenant leases scheduled to expire within the next year. Wegmans closed its 134,000-square-foot store in 2023 due to poor sales, but remains current on rent. Crate & Barrel renewed its lease,which was scheduled to expire this month, through June 2029, Trepp reported.

The loan is in imminent monetary default after maturing in November, according to Morningstar Credit report. The 1 million-square-foot mall includes a 113,000-square-foot vacant anchor space last occupied by Lord & Taylor, which closed in 2020 after declaring bankruptcy.

The $505 million loan is the second-largest in the country to be transferred to special servicing in November, according to Trepp, after the $742.8 million loan for 1515 Broadway in New York City collateralized by an office tower.

The mall’s former Neiman Marcus anchor space at 310 Speen St. is separately owned by Bulfinch Companies. Bosse Pickleball opened a 97,000-square-foot fitness and entertainment complex this month, after Bulfinch Companies dropped plans for a life science conversion in 2023.

Brookfield acquired the mall in 2018 as part of its General Growth Properties acquisition.