As many business owners in Tennessee can relate, a commercial property owner in another state has been experiencing serious financial problems. The property in question is home to numerous department stores, including brand names, such as JC Penney, Dick’s and Belk. The owner of the commercial enterprise had reportedly hoped that the 2022 Black Friday shopping spree would help resolve financial problems. However, it did not turn out as hoped, and lenders are talking about foreclosure.
The lending institution stated that the commercial property owner has defaulted on a $51 million loan. The commercial property has been in business for about 15 years. At least 15 of the storefronts in the building have been vacant for several months or longer.
Alamance Crossing CMBS is a Tennessee-based company
The commercial property is owned by Alamance Crossing CMBS, which has its headquarters in Tennessee. The bank that holds the loan said it sent two demand letters to collect all monies owed. However, Alamance Crossing CMBS apparently did not pay the debt in full, which was required as per the letters.
The bank says it has requested a temporary restraining order, as well as a preliminary injunction and an appointment of a receiver to protect the property and to take control of operations while the foreclosure process takes place. In such cases, it is always best to consult with an attorney who is well-versed in foreclosure laws and bankruptcy issues. Such an attorney can make recommendations to help a borrower secure the best possible outcome when a financial crisis has hit hard and is placing a business at risk.