A refinancing problem created by an industry-wide valuation reset. Declining commercial real estate values have made refinancing Eastview’s existing debt impractical, despite the mall’s continued importance to the Town of Victor.
A local solution designed to protect Eastview’s future. Victor 2040 supports a locally driven approach to preserving Eastview Mall as an important economic asset for the Town of Victor and the surrounding region. The focus is on maintaining the property's economic vitality, encouraging continued investment, preserving jobs, and supporting the long-term health of the community.
A special-servicing structure that has failed to produce a resolution. Despite efforts to pursue refinancing and other alternatives, the parties involved in the loan structure have been unable to reach a long-term resolution. Victor 2040 believes that Eastview's future would be better served by a path that prioritizes the property's continued economic contribution to the community while respecting the legal and financial interests of all stakeholders.
Any condemnation action concerning Eastview would be governed by applicable law and would provide a process for determining the rights and interests of all affected parties.
A Main Street vs. Wall Street dispute over Eastview’s future. Rialto has been in a lawsuit where the trustee and lenders as certificate holders involved with the Eastview Mall debt are suing Rialto for abusive practices. These are the same concerns being raised by the Town of Victor. Victor 2040 believes that local stakeholders should have a meaningful voice in decisions affecting Eastview Mall's future and that long-term community interests should be considered alongside the interests of financial stakeholders.
About Victor 2040
*Publicly available court filings and news reports discussing special-servicing practices can be found here. The allegations and positions described in such materials remain subject to dispute and judicial determination unless otherwise indicated.
Eastview Mall is too important to the Victor community to have its future dictated by a distressed CMBS loan and a special servicing process that can prioritize collecting fees over resolving the loan and protecting the property’s long-term health. The facts below explain why local control matters. Victor 2040 supports efforts to preserve Eastview Mall as an important regional commercial destination, employment center, and source of economic activity for the Town of Victor and the surrounding region. The organization advocates for solutions that promote long-term investment, economic stability, and responsible stewardship of the property.
What are the Facts?
Eastview Has Evolved Before.
It Can Do It Again.
Eastview Mall has successfully navigated major changes in ownership, retail, financing and the broader shopping environment throughout its history. The current situation is another critical transition and an opportunity to put Eastview on a stronger, locally focused path for the future.
1990s
Major Retail Expansion
Eastview continued to evolve as the regional retail landscape changed, including the addition of major department-store anchors such as JCPenney.
2012
Major Financing Milestone
Eastview was valued at approximately $368 million when the current CMBS financing was originated, reflecting the strength of the property and the broader commercial real estate market at the time.
2020–2021
COVID-19 and Lord & Taylor Closes
COVID-19 accelerated challenges across the retail industry, while the closure of Lord & Taylor created another major setback for Eastview, leaving a significant vacant anchor space. Local ownership and management found a way through these challenges, where as other shopping centers with out of town owners and managers experienced negative experiences, including closures.
2021–2024
Eastview Adapts
Rather than allowing the vacant space to define the property's future, Eastview Mall, led by local ownership and management, moved forward with plans to repurpose the former Lord & Taylor location, including the arrival of Bass Pro Shops.
2024–2026
New Investment Continues
New retailers and development projects continued to move forward, demonstrating ongoing demand for Eastview and its surrounding commercial district.
2026
A New Crossroads
Eastview now faces a different kind of challenge: Under today’s commercial real estate valuation methods, the mall’s current value is substantially below the value supporting its legacy CMBS debt, even as Eastview remains an important economic asset to the Town of Victor.
Local ownership and management have successfully guided Eastview through COVID-19 and other significant business disruptions. Victor 2040 supports a future in which Eastview Mall remains economically productive, well maintained, and responsive to the needs of the community. The organization advocates for long-term solutions that encourage investment, stability, and continued operation of the property.
The process also protects the existing lenders’ financial interests. Under the agreement between Victor 2040 and the Town of Victor, any future condemnation action affecting Eastview would be governed by applicable law, including legal procedures designed to protect the rights and interests of all affected stakeholders.
The Next Chapter
Eastview has adapted before and it will adapt again. Victor 2040 believes the next chapter should be defined by local ownership, reinvestment and a long-term commitment to keeping Eastview a thriving part of the Victor community.
Click below for articles and resources surrounding Victor 2040.
Important Notice: Victor 2040 is an organization that supports the continued economic vitality of Eastview Mall and the surrounding community. Statements on this website reflect opinions regarding public policy, economic development, and community planning. References to litigation, governmental proceedings, or third-party entities are based on publicly available information and are not intended as factual determinations regarding any person's or entity's legal rights, obligations, or conduct.