I Coulda Financed This
02-10-2011, 12:34 PM
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I Coulda Financed This
Email: psantos@wtxl.tv
The Tallahassee Mall lease was put on the public foreclosure sale Wednesday. LNR Partners LLC, out of Miami Beach bought the 50-year ground lease for a whopping $100 dollars.
Feldman Mall Property Inc.-FMP Tallahassee LLC, owned the property but defaulted on its loan. It owed more than $55million dollars.
Kim Ashby attorney for LNR Partners LLC made the purchase on its behalf, she would not comment on what the future plans are for the 40 year old mall. She said business should continue as usual for mall tenants and employees.
James Stiles, who's family owns the land the mall sits on was also present during the foreclosure sale. "At the moment nothing will change," Stiles said. "It's a bad state when you see a $55million dollar asset sold for $100dollars."
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The Tallahassee Mall lease was put on the public foreclosure sale Wednesday. LNR Partners LLC, out of Miami Beach bought the 50-year ground lease for a whopping $100 dollars.
Feldman Mall Property Inc.-FMP Tallahassee LLC, owned the property but defaulted on its loan. It owed more than $55million dollars.
Kim Ashby attorney for LNR Partners LLC made the purchase on its behalf, she would not comment on what the future plans are for the 40 year old mall. She said business should continue as usual for mall tenants and employees.
James Stiles, who's family owns the land the mall sits on was also present during the foreclosure sale. "At the moment nothing will change," Stiles said. "It's a bad state when you see a $55million dollar asset sold for $100dollars."
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02-10-2011, 02:53 PM
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I hope they call a lawyer...I know of a business that was in foreclosure and when it went up for sell they(gmac) took a lower bid that had been submitted illegally the day before the sale....It is now tied up in court...there seems to be a lot of that going around.
02-10-2011, 05:54 PM
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