The Greene is “actively negotiating with a third-party refinance lender,” per the filing.
The Greene also admits in the same filing that it “did not make the payment due upon maturity of the notes.”
However, the court filing goes on to say multiple times that Wells Fargo’s recitation of the facts of the case is “incomplete, and therefore inaccurate.”
Tuesday’s filing also says, under Ohio’s law about appointment of a receiver, Greene Town Center LLC reserves its rights to “ensure any sale of any of GTC’s property is ‘fair to the owner’ and maximizes sale proceeds.”
Wells Fargo Bank filed a foreclosure complaint in Greene County Common Pleas Court in May against the owners of the Greene Town Center, claiming that the mall, apartment and office complex owes the bank about $113 million in loan payments.
According to the complaint, the Greene entered into a deal in which Citigroup Global Markets Realty Corp. agreed to loan them $137.25 million in November 2013, seven years after The Greene first opened.
In March 2014, the deal was severed into two promissory notes ($90 million and $47.25 million), which eventually were transferred to Wells Fargo.
Wells Fargo claimed that as of May 1, it was owed $71.8 million on the $90 million note, and $41.1 million on the $47.25 million note, plus interest that continued to accrue at $28,780 per day.
Lawyers for the Beavercreek shopping mall filed their response to the allegations by Wells Fargo on Tuesday, asking the Greene County Common Pleas Court to dismiss the case.
The Greene’s lawyers say the shopping center leadership was entitled to a five-day written notice.
The Greene Town Center opened in 2006 with 35 tenants. Now, the 72-acre shopping center lists more than 125 commercial tenants. Those include about 20 restaurants, not quite 100 retail/entertainment options, plus some office users, as well as apartments. The development bills itself as the area’s “premier fashion and dining destination,” according to its website.
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