BURLINGTON, N.C. — A lawsuit is being brought against Alamance Crossing Mall in Burlington.
The lawsuit that was filed in November states that the mall is in default from a loan from 2011.
In July 2011, Alamance Crossing Mall agreed to pay back a loan of $50.8 million to KeyBank Real Estate Capital acting in the capacity as a special server for U.S. Bank National Association in trust for holders of Deustche Morgage and Asset Receiving Corporation by July 2021.
The U.S. Bank National Association sent a letter in September 2021 demanding payment. Another letter was sent this month revoking the mall's license to collect rent.
U.S. Bank National Association claimed the mall owners still owe $42 million.
U.S. Bank National Association is asking Alamance County Superior Court to:
- Appoint another business to take over the property, they propose Spinoso Real Estate Group take over the mall.
- Direct all rent, documents, and property to the new owner
- Prohibit the Mall from distributing, dispersing, or converting any rent or property assets
- Compel the current mall owners to cooperate
The owners of Alamance Crossing have 30 days to respond.
Assistant Clerk of the Superior Court of Alamance County, James H. Faucette Jr., released the following statement in reference to the lawsuit:
We’re still less than 30 days since the filing of this matter and there’s no indication of service on the defendant in the file. Once that occurs, they will have 30 days to respond after receiving the complaint or request an extension of time. Again, we’re in the beginning stages of this lawsuit, with months of discovery in the future.
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