Troubled Waterford Mall Gets New Owner: Report

WATERFORD, CT — Crystal Mall owner the Simon Property Group and investors have transferred the mall's ownership to lenders instead of paying down the property's $81 million commercial mortgage, according to The Connecticut Post. The commercial mortgage-backed security for the mall is now under the oversight of Rialto Capital, a firm co-owned by Greenwich-based Stone Point Capital.

The mall's property value has reportedly plunged 88 percent to below $19 million.

Vacancies have increased at the mall in recent years, with the lone remaining anchor store being JC Penney.

Read the full story in The Connecticut Post.