Foreclosures in Dayton and Greene Town Center in Beavercreek, Ohio

In addition to the foreclosures currently affecting the city of Dayton, one in the state of Ohio is drawing considerable attention: Greene Town Center in Beavercreek, a neighboring city to Dayton. Its owners are now facing a lawsuit for allegedly failing to repay a substantial loan.

On May 10, a foreclosure lawsuit was filed in the Greene County Court of Common Pleas, accusing Greene Town Center LLC of defaulting on a loan divided into two promissory notes, which are now held by Wells Fargo, one of the largest and most important banks in the United States.

According to the lawsuit, the original loan amount was $137,250,000, obtained in November 2013, with a maturity date of December 1, 2023. Both promissory notes began accruing regular and default interest as of May 2, and now Wells Fargo claims that nearly $113 million is owed, including almost $3 million in late fees.

Once notified, Greene Town Center LLC will have 28 days to respond to the five-count lawsuit. A representative of Greene issued a statement around 6 p.m. on Tuesday, according to WDTN.

In the statement, Greene Town Center emphasized its importance to the city and the entire Dayton, Ohio area, as it features a wide selection of retail stores, luxury residences, offices, restaurants, and entertainment areas. For this reason, Greene Town Center has been actively working with its lender, negotiating to reach a fair and mutually beneficial solution for both parties despite the lawsuit.

The city of Beavercreek also commented on the lawsuit. The statement read as follows: “We are aware of the recent developments related to Greene Town Center and recognize its importance as a shopping and activity center in our community. Our priority is to ensure the continued economic vitality and stability of our city, and we remain hopeful about the future of The Greene.”

Available foreclosures:

Beavercreek: 5 homes Available.

By Elias DaSilva | September 30, 2024