Owners of Crossroads Mall in St. Cloud $83 million behind on mortgage payments, lawsuit claims
Credit: MGN
The owners of the Crossroads Mall in St. Cloud allegedly owe nearly $84 million on a loan agreement, according to court records.
A civil suit filed in Stearns County by U.S. Bank Trust Company last week against St. Cloud Mall L.L.C. seeks to begin foreclosure proceedings on the mall.
St. Cloud Mall L.L.C. is affiliated with the New York-based Brookfield Properties. 5 EYEWITNESS NEWS has reached out to Brookfield for a statement or comment but has not received a response.
The lawsuit says the original loan had a principal of $107,500,000. It’s alleged no payments have been made on the loan since August 2020 and the total due is $89.3 million.
The lender is seeking to recoup the full amount of the principal, plus interest and other fees, according to the filing.