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TD Bank, which now owns the shopping complex, reached an agreement with developers.
Sunday, April 7, 2013
A bank that took possession of Keagy Village at a foreclosure auction has reached an agreement with the developers of the troubled shopping center.
As part of a settlement of a lawsuit against them, the developers of the Roanoke County complex agree they owe $5.8 million to TD Bank , according to documents filed this week in Roanoke's federal court.
Both sides are asking a judge to enter a consent judgment in that amount.
Since the lawsuit was filed, TD Bank sold Keagy Village to a North Carolina investor who hopes to find new tenants and breathe new life in the four-building center, which currently has just three tenants.
In 2007, Carolina First Bank — which has since merged with TD Bank — agreed to finance a shopping center planned on a 15-acre site at Keagy Road and Virginia 419.
The bank loaned $10.87 million to Warehouses Inc., W.G. Indian Trail, Alan Kahn and Kahn Properties South, a division of Kahn Development.
By May 2011, the loan was three months delinquent and interest and late fees had pushed the amount due to $10.9 million, according to the lawsuit.
The bank bought the property in 2012 at a foreclosure auction after placing the sole bid of $5.97 million.
It was not clear when — or if — the developers will be able to pay the $5.8 million they still owe under the loan.
"Just because we have a judgment does not mean the money is forthcoming," said Jason Hicks, a Charlottesville attorney who represents the bank.
A call to a South Carolina attorney who represents the developers was not returned today.
Last November, Ry Winston , a partner in Collett, a Charlotte, N.C.-based real estate development, brokerage and management firm, bought the shopping center from TD Bank.
At the time, Winston said the previous owners had the misfortune of opening the center in the midst of a recession, and that he hoped it would fare better under current economic conditions.
The shopping center is currently about one-fourth full, with just three tenants: Dunkin' Donuts, Firehouse Subs and Patina Bridal & Formal Wear.
Other potential tenants have expressed interest in recent months, said Matt Huff, an agent with Poe & Cronk Real Estate Group , which is working with Winston to lease space in the center.
Plans call for a grocery store, a restaurant and other retailers.
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