Orlando shopping mall owner files for bankruptcy

Miami /
Jan.January 08, 2017 01:30 PM

The owner of an aging Orlando shopping mall filed for Chapter 11 bankruptcy last week, automatically stopping a foreclosure lawsuit against for allegedly defaulting on a $42.2 million loan. The owner of the Fashion Square Mall, an affiliate of a Tennessee-based firm called UP Development, bought 80 acres including the 1970s-era mall in 2013. UP Development had been discussing a hotel development near the mall with Starwood Hotels.

Scott Shuker, a bankruptcy attorney for the Fashion Square Mall, told the Orlando Sentinel that the mall remains open, and the owners “hope to restructure existing debts and return to operating the Fashion Square property at a profit.” Shuker also told the Sentinel the lender that foreclosed on the Fashion Square owners, The Bancorp, recently contacted all mall tenants and “demanded that they pay their rent directly to Bancorp.” [Orlando Sentinel]Mike Seemuth


Related Articles

arrow_forward_ios
Fuse Group CEO Eyal Peretz and Metronomic's Ricky Trinidad with 3364 Oak Avenue (Photo via Google Maps; Fuse; Metronomic)
Bankruptcy judge paves way for Metronomic property auction
Bankruptcy judge paves way for Metronomic property auction
CMX emerges from bankruptcy after filing in April (Getty, Wheeling Town Center)
Encore: CMX Cinemas parent emerges from bankruptcy
Encore: CMX Cinemas parent emerges from bankruptcy
Josh Zegen of Madison Realty Capital and 777 North Ocean Drive, Hollywood (Google Maps)
Madison Realty closes on Costa Hollywood Beach condos for $43M
Madison Realty closes on Costa Hollywood Beach condos for $43M
Kelly Beam, Ricky Trinidad , and 3265 Bird Avenue (Credit: Google Maps)
Miami developer Metronomic files for bankruptcy
Miami developer Metronomic files for bankruptcy
Founder and CEO of IT'SUGAR Jeff Rubin, and BBX CEO Alan Levan (Credit: Denise Truscello/Getty Images)
It’Sugar files for bankruptcy protection after sales sour
It’Sugar files for bankruptcy protection after sales sour
A Toojay's Deli location (Google Maps)
Lender acquires TooJay’s out of bankruptcy
Lender acquires TooJay’s out of bankruptcy
777 North Ocean Drive, Hollywood (Credit: Google Maps)
Bankruptcy judge approves Madison Realty’s purchase of Costa Hollywood Beach condos
Bankruptcy judge approves Madison Realty’s purchase of Costa Hollywood Beach condos
TooJay’s (Credit: Google Maps)
Popular Florida deli chain TooJay’s files for bankruptcy
Popular Florida deli chain TooJay’s files for bankruptcy
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...