Boulevard Mall Gets New Owner, Avoids Foreclosure

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Enterprises gave up control rather than go through a foreclosure.

But there aren’t likely to be any changes for shoppers and tenants in the near future.

Forest City, which was facing a legal seizure after defaulting on its $92 million loan, turned over the deed on the Amherst mall to LNR Partners. The Miami-based company, which is known as a “special servicer,” held the mortgage on the property on behalf of Wall Street investors, and had been negotiating with Forest City to collect on the troubled loan.

Now, LNR will oversee the property for those investors, seeking to preserve and maximize its value until it can resell it to a new owner and recoup its losses on the loan.

Like other mall tenants, Laux Sporting Goods manager Joe Eckl is hopeful the transaction will be a good thing for retail tenants. LNR Partners would likely want to make the mall as attractive as possible to potential buyers. That would mean taking good care of the mall and its tenants.
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