Tucson Mall and Park Place owner files for bankruptcy

General Growth Properties, the nation’s second-largest shopping mall owner, is trying to restructure its $27 billion in debt.

The company owns more than 200 malls including Faneuil Hall in Boston and the South Street Seaport in Manhattan, said shoppers at its malls will not be affected by its bankruptcy filing.

The Chicago-based company is paying the price for its aggressive expansion at the height of the real estate boom. General Growth, like many homeowners during the frenzy, bought several properties at top dollar and now is finding lenders unwilling to refinance.

The real estate crisis has been slow to affect the market for retail, hotels and office buildings. But the delinquency rate for commercial loans, while still relatively low, is creeping up and could deepen the economic recession.

“While we have worked tirelessly in the past several months to address our maturing debts, the collapse of the credit markets has made it impossible for us to refinance maturing debt outside of Chapter 11,” Chief Executive Adam Metz said in a statement.

The move by the General Growth had been widely anticipated since the fall, when the company warned it might have to seek bankruptcy protection if it didn’t get lenders to rework its debt terms. Efforts to negotiate with its creditors ultimately fell short late last month.