LITTLE ROCK, Ark. — According to Arkansas Business, the Park Plaza Mall in Little Rock will be sold on the Pulaski County Courthouse steps on Oct. 28.
In March, the bank, acting as trustee for Registered Holders of Wells Fargo Commercial Mortgage Securities, filed the foreclosure suit in Pulaski County Circuit Court, Arkansas Business says, saying the mall defaulted on a loan after missing a payment last year.
The $99 million was loan issued to the Park Plaza's owner back in 2011. The mall still owes a large chunk of that money and the 10-day period the business had to pay it has now ended.
A Pulaski County Circuit Court judge ruled that the Park Plaza Mall in Little Rock is to be placed under a foreclosure order last week.
Judge Alice Gray awarded an $86.2 million judgment with interest to Deutsche Bank Trust Co. Americas against Park Plaza Mall CMBS LLC, according to Arkansas Business.
Last month, the Deutsche Bank assigned the judgment to an entity called RSS WFRBS2011-C3-AR PPM LLC. That’s not unusual in a foreclosure for the judgment to be assigned to an entity, according to Arkansas Business. That entity then will bid for the property at the foreclosure sale.
The public auction will be held at noon.