All of West Glen in receivership
A judge’s order today resulted in all of West Glen Town Center being placed under the control of receivers.
Polk County District Judge Robert Hanson approved a motion by MLCFC2007-9 Mills Civic LLC to name Hubbell Property Management LLC as receiver for the first phase of the development, which includes commercial and residential property that is largely occupied.
The real estate trust said in court documents filed in September 2011 that West Glen owners were in default on a $37 million loan. The filing follows the disclosure last week that a deal to sell West Glen for $38.5 million to a Nebraska investment group fell apart, with each side saying terms of the deal had been violated.
“The appointment of the receiver was the direct consequence of Agman Holdings LLC failing to perform on its obligations to purchase West Glen Town Center for $38.5 million.,” said West Glen spokeswoman Jamie Buelt. “West Glen had successfully negotiated the lender’s agreement to delay the appointment of a receiver pending closing the sale with Agman Holdings. When Agman Holdings refused to pay the agreed-upon purchase price, the lender was no longer willing to delay the receiver’s appointment.”
Last year, a judge named NAI Ruhl & Ruhl Commercial Co. as receiver for the second phase of the project.