ELYRIA — A foreclosure lawsuit was filed Tuesday against the owner of the River Street Square shopping center near Midway Mall in Elyria, which contains a former Walmart.
The lawsuit was filed by U.S. Bank National Association against First Interstate Elyria Limited Partnership.
The suit states the partnership owes $13.3 million of the original $15 million that it had borrowed.
It also seeks tens of thousands of dollars in interest and nearly $663,000 in late fees.
The suit was filed by the U.S. Bank National Association, the successor to Bank of America National Association, as trustee for the registered holders of Credit Suisse First Boston Mortgage Securities Corp. commercial pass-through certificates.
Besides the empty Walmart, the shopping center includes Best Cuts, BW-3, Deal$, Dots, Famous Footwear, Petsmart, Radio Shack, The Avenue and the Original Mattress Factory, according to the First Interstate website.
The Walmart closed after the opening of a larger one at Chestnut Commons in Elyria.
Mitchell Schneider, president of First Interstate, said negotiations regarding the future of the River Street Square property are under way.
“We’re in the process of working things out with the bank,” Schneider said.
Representatives of several stores in the shopping center declined to comment, except to say they were unaware of the foreclosure lawsuit.
Contact Cindy Leise at 329-7245 or cleise@chroniclet.com.
Recent Comments