March 23, 2009 | Yvonne Lim Wilson
Advertisements
Elastik Pixel Web design. Works with local Austin businesses to create their custom Website vision. Get your free online estimate or call (512) 680-8142.
Free ESL on Wednesdays! Sandra: snich@austin.rr.com, 512-266-6162
The Chinatown Center owner reached an interim agreement with lenders and continues to negotiate toward a conclusion.
A representative for Tan International Group Ltd. provided the following statement from owner Alex Tan:
"We are happy to let you know the owner of Chinatown Center was successfully able to reach an interim agreement with its lenders that stops the foreclosure process from moving forward. The two parties have also made great progress in their negotiations to come to terms that will put the project back in good standing on a longer-term basis."
The main cause in the lapse of full, timely payments to lenders was due to one tenant who got behind on payments, which resulted in the foreclosure posting. The Center is negotiating with a new tenant to replace the tenant that defaulted, according to Tan International Group. The Center currently has an 80 percent occupancy level.
Initial media reports about the Center's foreclosure that suggested the Center would close and tenants would be turned out were misleading and not based on fact, said Ben Broocks, an attorney representing the Center.
"The landlord is fully committed to making sure Chinatown Center remains a fixture in the Austin, and especially the Austin Asian-American community and culture, for a very long time," according to the statement from Tan International Group.
ADVERTISEMENTS
Camp Lucy Event Center features restored buildings imported from Vietnam.
0 comments - be the first to comment!