West Virginia mall faces lawsuit over $100M loan default
CHARLESTON, W.Va. (AP) — The owners of a West Virginia mall have been sued for breaching contract by defaulting on a multimillion-dollar loan.
The Charleston Gazette-Mail reports that the U.S. Bank National Association filed a lawsuit against the owners of the Charleston Town Center on Tuesday. The complaint says the owners defaulted on a $100 million loan issued in 2007 that reached maturity in September.
The lawsuit asks for the appointment of a receiver until the property can be sold, and says the lender is entitled to all profits and income generated by the shopping center’s leases.
The filing comes after one of the mall’s owners, Forest City Enterprises, unsuccessfully tried to sell its stake in the mall last month.
Representatives from the mall did not respond to the newspaper’s request for comment.
Information from: The Charleston Gazette-Mail, http://wvgazettemail.com.