Little Rock’s Park Plaza Mall placed under foreclosure order
LITTLE ROCK, Ark. — A Pulaski County Circuit Court judge has ruled that the Park Plaza Mall in Little Rock is to be placed under a foreclosure order.
Judge Alice Gray awarded an $86.2 million judgment with interest to Deutsche Bank Trust Co. Americas against Park Plaza Mall CMBS LLC, according to Arkansas Business.
Gray said that if the amount isn’t paid within 10 days from September 13, Deutsche Bank Trust Co. can sell the mall which is at the corner of Markham Street and University Avenue.
Arkansas Business reported that back in March the lawsuit was filed due to the mall defaulting “on a loan after missing a payment last year.”
The loan was reportedly for $99.4 million which was originally made in 2011.
The bank said it’s owed $86.2 million plus court costs and attorney fees.