Tag: loan

Lender to take over two Tampa Bay Westfield malls after loan defaults

Two of Tampa Bay’s largest suburban malls are facing foreclosure and are slated to be taken over by their lender after both defaulted on multi-million-dollar loans.

The mortgage lender to both the Westfield Citrus Park and Countryside malls filed lawsuits on Tuesday, saying they had failed to make principal payments since May. The malls defaulted on commercial mortgage-backed security loans, creating a combined debt owed of nearly $278 million.

“Due to the continuing impact of the COVID pandemic, Westfield is working with the special servicer in regard to the foreclosure of Countryside and Citrus Park and, given the circumstances, believe

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Ogden’s Newgate Mall placed in receivership after loan default, to be auctioned | Business

OGDEN — Newgate Mall has been placed in receivership and the Ogden retail outlet is to be sold at auction on March 19, according to court records and a legal ad.

U.S. Bank National Association, trustee for the $58 million loan to the mall owners, sued in 2nd District Court in Ogden last July to place Newgate Mall in receivership because the owners had defaulted on the loan agreement. Forth Worth, Texas-based Woodmont Company took over as receiver on July 16, tasked with overseeing the mall’s day-to-day operations pending resolution of the matter.

A legal ad in the Standard-Examiner on

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