Hacienda gardens file for Bankruptcy 0
The San Jose based developers of shopping centers, Hacienda Gardens has files for Chapter 11 bankruptcy protection. It has a 11.4 million dollar loan pending after it borrowed from First Horizon Home Loans.
The First Horizon Home Loans last month sued the Hacienda Gardens developers and owners, asking for a part fore closure and the setup of a receiver. Hacienda Gardens developers owe the Tennessee based Bank First Horizon Home Loans an amount of 8.6 million dollars. This bankruptcy will be an end to the years of problems associate with the firm associated with the shopping centre. The loan is backed by almost half of the properties in the Hacienda Gardens building and the bank want to close all of them.
Half of the malls stores are vacant and need to be replaced urgently if the Hacienda Gardens can pay anything to the First Horizon Home Loans provider. But there were no new tenants between May 08 and March 10, for which the bad economy is responsible. One of the expected tenants Orchard Supply Hardware were supposed to occupy the mall were held back because of the bad economy and failed to sign an agreement.
subscribe to comments RSS
There are no comments for this post