Receiver to take over Charleston Town Center
A receiver will take over Charleston Town Center after a deal was reached before a scheduled hearing Friday morning regarding the mall’s future.
The city of Charleston and the Charleston Urban Renewal Authority will be allowed to intervene, authorities said Friday.
The U.S. Bank National Association filed a lawsuit against the owners of the Charleston Town Center on Nov. 7. The complaint said the owners defaulted on a $100 million loan issued in 2007 that reached maturity in September.
The lawsuit asked for the appointment of a receiver until the property could be sold, and said the lender is entitled to all profits and income generated by the shopping center's leases.
The filing came after one of the mall's owners, Forest City Enterprises, unsuccessfully tried to sell its stake in the mall in October.
CURA decided Wednesday to freeze its Facade Improvement Program and add no new applications to the efforts to help improve business exteriors in the city's urban renewal districts.
The AP contributed to this report