WP Realty falls behind at Danvers Crossing

WP Realty falls behind at Danvers Crossing

WP Realty, a Pennsylvania-based real estate investor, is at least two months behind on its $18 million mortgage for the Danvers Crossing Shopping Center and is “unable to bring the loan current,” according to a report by Wells Fargo Bank.

Calls to WP Realty, with offices in Bryn Mawr, Pa., were not returned Monday. The property’s broker, Dan Zelson at Charter Realty Development Corp., did not respond to a call and email seeking comment.

According to a March 15 report by Wells Fargo, WP Missed its January and February debt-service payments and has drawn on some $350,119 from the property’s cash reserves to avoid falling into default. The debt service on the property’s primary loan is $117,016 a month. WP Realty also is delinquent on another $1.28 million mezzanine loan backing the property, according to servicer filings.

Located at 8 Newbury St. in Danvers, the 176,000-square-foot Danvers Crossing Shopping Center was built in 1990 and renovated in 2001. The property was 98 percent occupied as of Dec. 31, with major tenants including Curtain & Bath Outlet (19 percent of leased space), Big Lots (19 percent) and Planet Fitness (14 percent).

According to servicer reports, the property’s operating income and cash flow have fallen short of debt service for the better part of two years.

According to public records, a WP Realty affiliate acquired the shopping center for $13.7 million in 1993.

Read more: WP Realty falls behind at Danvers Crossing | Boston Business Journal

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