U.S. Bank National Association filed a foreclosure complaint against Oaks Mall in December and asked the Eighth Judicial Circuit Court to move the property into receivership.
U.S. Bank said in its filings that Oaks Mall failed to pay the full amount of a 2012 loan for $118 million despite two extensions. The loan matured on Oct. 1, 2024, with legal filings following.
The December filing said Oaks Mall still owes $78 million in principal payments along with $1.4 million in interest.
“If [Oaks Mall] fails to pay the matured indebtedness as demanded herein, [Oaks Mall] will continue to be in default and Lender may pursue any and all available rights and remedies under the Loan Documents or at law or in equity, without further notice or demand,” Bradley Gardner, an attorney with Polsinelli Law Firm, said in an October 2024 letter to Oaks Mall.
Oaks Mall is owned by Brookfield Properties, one of the largest mall owners in America with over 100 malls in its portfolio. The overall company has had financial issues.
According to the Financial Post, the company had its bond status reduced to one rung above junk status by Standard & Poor’s (S&P) in 2021. Brookfield Properties is the largest real estate company that S&P rates by total assets, according to the Financial Post, with $130 billion in assets as of 2023.
U.S. Bank National Association also filed a motion to place Oaks Mall into receivership, a tool that courts use to place an asset into the hands of a third party during times of financial distress. The files identified Spinoso Real Estate as the group that could take receivership.
Spinoso Real Estate specialized in receivership and filled the role for 36 other malls, according to backup documents.
An attorney for Oaks Mall said the company planned to respond to the complaints by Feb. 11.
First, malls killed Mom & Pop. Now Amazon has bled the Malls. But Bezos is friends with Trump, so all is good.
Such is the world we live in today…money talks and talks loudly.
Mom $ Pops if suffered and lost was mostly on them to be sure. As for the malls? They are a thing of the past and will surly close. As far as everything is political w you. Please get over it bro
The mall here is lost. Just as the face and spirit of Gainesville past. Just as GRU was Power for the People by the People. It was Our power company; now its not. I don’t recognize downtown anymore. Gainesville looks cluttered and run down. Just like the mall.
The people that run the Oaks Mall are slow and behind the times.
It took them 47 years to go bankrupt, and they owe $80 million.
They should take lessons from the great business mind behind Celebration Pointe.
They managed to go bankrupt in 8 years and owe $300 million. Obviously better business skills.
Irony
Well written 👏 irony
except that the Oaks mall has been through a few Management companies owning it. Squitieri , Prudential, General Growth Property now Brookfield. Probably a few more in there too.
Open air malls are now back with their vengeance but if the mall property owners were smart they would repurpose the retail space and make apartments and office buildings next door to have some built-in audiences
Best idea
Honestly 😳 🤔 a great idea
Nah, Shands should just buy it out. Make it an “all specialties” building.
I’d rather someone own it that contributes to the tax roll, instead of adding more state land to the county.