Sep
12

Owner of Ailing Myrtle Beach Mall Looking to Sell

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Inlet Square’s renovation on hold with foreclosure possible

September 12, 2008

By Jessica Foster – The Sun News

The owner of Inlet Square mall is trying to sell the shopping center to pay its lender and avoid being foreclosed upon or going into bankruptcy, according to its lender’s attorney.

The mall’s owner, Inlet Retail Associates, is in default of the loan it got from RAIT Partnership LP to buy and renovate the shopping center, said attorney Rick Mendoza, who represents RAIT.

RAIT’s hope is that someone will buy the mall and enable Inlet Retail Associates to pay off that loan, which was for up to about $22 million, Mendoza said.

“A couple of parties expressed interest in the property,” he said. “I don’t know where that stands because I’m not involved in those discussions myself.”

Inlet Retail Associates spokesman Chuck Fancher could not be reached for comment Thursday.

“We are in the middle of a transition,” said the mall’s manager Heather Hensley, but she declined to give specifics.

There’s no talk of the mall closing at this time, Mendoza said.

There aren’t any concrete offers on the table that the lender knows of, Mendoza said.

If Inlet Retail Associates doesn’t snag a deal soon, RAIT will likely begin the foreclosure process unless the mall’s owner files for Chapter 11 bankruptcy, which would protect it from foreclosure.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.myrtlebeachonline.com/business/story/591233.html
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