As discussions continue between Shawnee Mall owner Lighthouse Group and Wachovia, the bank that carries the mall’s mortgage, a solid sale date of the property remains uncertain.
The date of the sale by public auction has been rescheduled each month since May. The latest sale was set for Monday, Aug. 30 but has been changed to 1 p.m. Sept. 27.
Larry Ball, an Oklahoma City attorney representing Wachovia, said he couldn’t release any more details about the sale other than the rescheduled auction time and date.
Previous sale dates, following public notice in April that the mall could be sold, were set for May 24, June 28 and July 26.
Lighthouse Group hasn’t missed any of its payments for the property, Scott Kingrey, mall manager said. However, the mortgage became due in late February when Wachovia filed an intent to foreclose on the property.
Whether or not the mall sells, Kingrey said customers should see no change in their shopping experience. Merchants would only see a change in where their payments should be sent if the mall does sell, he said.
Documents filed in 2004 with the Pottawatomie County Clerk’s Office show the mall was mortgaged at $17,775,000. That amount was included in a combined principal loan of $39.5 million for Shawnee Mall and Brazos Mall, which is in Lake Jackson, Texas.
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As discussions continue between Shawnee Mall owner Lighthouse Group and Wachovia, the bank that carries the mall’s mortgage, a solid sale date of the property remains uncertain.
The date of the sale by public auction has been rescheduled each month since May. The latest sale was set for Monday, Aug. 30 but has been changed to 1 p.m. Sept. 27.
Larry Ball, an Oklahoma City attorney representing Wachovia, said he couldn’t release any more details about the sale other than the rescheduled auction time and date.
Previous sale dates, following public notice in April that the mall could be sold, were set for May 24, June 28 and July 26.
Lighthouse Group hasn’t missed any of its payments for the property, Scott Kingrey, mall manager said. However, the mortgage became due in late February when Wachovia filed an intent to foreclose on the property.
Whether or not the mall sells, Kingrey said customers should see no change in their shopping experience. Merchants would only see a change in where their payments should be sent if the mall does sell, he said.
Documents filed in 2004 with the Pottawatomie County Clerk’s Office show the mall was mortgaged at $17,775,000. That amount was included in a combined principal loan of $39.5 million for Shawnee Mall and Brazos Mall, which is in Lake Jackson, Texas.
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