Report: Geneva Commons owners default on $40 million loan

The owners of the Geneva Commons shopping center have defaulted on a $40.4 million loan, according to a published report.

Citing a report from Fitch Ratings, Crain’s Chicago Business said Friday that the two limited partnerships that own the 438,000-square-foot outdoor mall failed to pay off the loan when it matured May 1.

The loan was transferred to a so-called special servicer and was part of a larger $76 million loan taken out on the property in 2003, according to Crain’s.

The shopping center, located west of Randall Road and north of Delnor Hospital, opened in 2002.