The Greene given more time to answer lawsuit

Greene County government and others with liens or interest on the Beavercreek mall property have filed brief initial responses in court

The Greene Town Center has been granted an extension to respond to a foreclosure complaint filed May 10 by Wells Fargo Bank.

Wells Fargo claimed the popular Beavercreek outdoor mall, office and apartment center owes the bank tens of millions of dollars in loan payments.

A Greene County Common Pleas Court filing dated June 5, says Wells Fargo Bank and Greene Town Center LLC agreed that The Greene will have a 30-day extension, through July 15, to file an answer, motion or other pleading in response to Wells Fargo’s original complaint.

The mall continues to operate as usual for now. A recent statement from The Greene said the mall is “actively engaged with its lender (aiming to) find a reasonable and mutually agreeable outcome.”

SMS Assist, LLC and EnviroControl Systems, Inc. (doing business as Lifestyle Comfort Solutions) are also listed as defendants in the suit as they “may claim to have some interest in” at least a portion of the property.

EnviroControl responded to the Wells Fargo complaint last week, acknowledging that “it possesses an interest in the real estate by virtue of mechanic’s lien filed against the property.”

The Greene County Treasurer’s Office, which also was listed as having a possible interest in the mall property, filed an answer to the suit in Greene County Common Pleas Court. The county said it has an interest in the property in that real estate taxes and assessments become a lien on the property on the first day of each year, “and have priority established by law.”

The Treasurer’s Office filing, signed by Greene County assistant prosecutor David Morrison, said the county “requests that its liens be accorded their rightful priority, and be paid, with accrued interest, out of sale proceeds that may occur ...”

In the original complaint, Wells Fargo says Greene Town Center LLC entered into a deal in which Citigroup Global Markets Realty Corp. agreed to loan them $137.25 million, and Greene Town Center LLC executed a promissory note to repay that amount plus interest and charges. That deal came in November 2013, seven years after The Greene first opened.

In March 2014, per the complaint, the deal was severed into two promissory notes ($90 million and $47.25 million), which eventually were transferred to Wells Fargo.

As of May 1, Wells Fargo is owed $71.8 million on the $90 million note, and $41.1 million on the $47.25 million note, plus interest that continues to accrue at $28,780 per day, the complaint says.

About the Author