Mall Foreclosure

Now I’ve seen everything.

“On April 14, Wells Fargo, as a trustee for a commercial mortgage-backed securities fund managed by JPMorgan Chase, filed a foreclosure lawsuit against Palm Beach Mall LLC, Simon Property Group and DeBartolo Realty Partnership, according to county court records. DeBartolo owns the property, at 1801 Palm Beach Lakes Blvd., and leases it to Simon and its affiliate Palm Beach Mall.

The lawsuit is based on a $55.4 million leasehold mortgage last modified in 2002. The collateral is the ground lease Palm Beach Mall has with DeBartolo.”

Whereas, this was once a crisis for low-income home owners, the situation has reached to the upper echelons of big business.  It’ll be interesting to see how this one goes.


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