DEL.ICIO.USForeclosed mall in Macon for sale
Associated Press
Monday, October 13, 2008
Macon Mall is scheduled to be sold to the highest bidder in November.
The foreclosed mall is for sale due to the nonpayment of a $141.2 million loan.
In June 2005, New Jersey-based The Lightstone Group borrowed the money and used Macon Mall LLC and Burlington Mall LLC in North Carolina as collateral. LaSalle Bank National Association is holding the loan as a trustee.
In July, the group’s total unpaid debt was more than $155 million, according to a complaint against Macon Mall.
Mall manager Brian Olivi says it is unclear what effect the foreclosure will have on Belk, Sears and Macy’s, which own their buildings.
Dillard’s plans to close its store at the mall by December.
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