February 19, 2009 | Yvonne Lim Wilson
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The Chinatown Center has been posted for foreclosure and many in Austin wonder what will become of the center and tenants. While many are anxious about saying goodbye to their favorite stores and restaurants, the Center should stay open without much visible change, according to Ben Brooks, an attorney representing the Center and Center owner Alexander Tan.
"The business is not in danger of closing," Brooks said. "We're undergoing negotiations; it's a very typical lender strategy."
With the tough economy, lenders are scrutinizing loan documents and re-examining all terms more thoroughly. Foreclosure is a "very typical lender strategy," Brooks explained, and it does not necessarily mean that a business is having financial problems.
"The center is strong. We're trying to work through difficult documents with a lender," Brooks said. "It's a great center and it's going to be open for a long, long time."
The center is appraised at $22.9 million, according to rexreport.com. The foreclosure posting means the center could be sold at the March 3 Travis County foreclosure auction, something which Brooks said is highly unlikely.
Tan did not return calls for comment. Stay tuned to Asian Austin for further developments. Email your comments to yvonne (at) asianaustin (dot) com.
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