Wells Fargo Assigns Receivership of Pittsburgh Mills Mall to Bank Foreclosing Frazer Mall

by San Antonio Attorney

The same bank that foreclosed the Frazer mall located in Pittsburgh Mills has been requested by Wells Fargo to be the receiver of Pittsburgh Mills Mall.

Jones Lang LaSalle Americas will auction off the property after the judgment has been made and they will have full authority to operate the mall as well as conserve the property, according to court documents.

Pittsburgh Mills Limited Partnership failed to pay its $133 million original loan.

The loan was granted in 2006 and due in April 2015, as stated in court papers filed.  Joseph Anthony, CEO of Zamias Services and Pittsburgh Mills Limited Partnership has declined to comment on this issue.

Zamias Services, which is based in Johnstown, is the owner of Pittsburgh Mills Limited Partnership.

Sean Barrie, a market research analyst of Trepp LLC, stated that foreclosure proceedings will not affect the shoppers.

Barrie explained that the role of the receiver is to control the cash flow of the property and manage it out of creditor’s hands.

The properties involved are 11 parcels, primary parking lots, and undeveloped land of 126 acres in total.  Excluded entities are strip shopping centers, restaurants and big box stores.

Jones Lang LaSalle Americas will receive compensation for its role with matching incentives such as a monthly fee of $1,000 with an $8,500 startup payment.

Other incentives include their 3 percent management fee on gross rents with a minimum of $15,000 every month.  There will be about 4 percent to 6 percent leasing fees and 12 percent another marketing fee of specialty revenues.

If you can no longer afford to keep up with your mortgage payments, ask for help right away. Talk to a Real Estate Attorney as soon as you can to discuss your options. The more you delay  finding a solution to your problem, the fewer options you will have.

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