The J.C. Penney store at Waterford, Connecticut's Crystal Mall. Photo by JJBers | Flickr / CC BY 2.0

Waterford’s Crystal Mall is reportedly in the hands of its lender after years of struggling against declining occupancy.

CoStar reports that mall giant Simon Property Group opted to give the keys to the property to special servicing firm Rialto Capital, representing lenders pooled into a security issued by UBS-Barclays Commercial Mortgage Trust.

Simon faced $4.7 million per year in annual debt service on the loan but was not able to raise occupancy despite a 2015 renovation. The 780,000-square-foot mall only has one remaining anchor store: a JCPenney.

The move comes after Simon CEO David Simon touted the prospects of malls like those his company operates, which the company’s third-quarter earnings presentation stated had a nearly 95 percent vacancy rate.

“Brick and mortar is strong. Brick-and-mortar retailer is strong, and ecommerce is flat-lining,” Simon said in the company’s third-quarter earnings call.