Owners of Concord Mall owe millions in mortgage payments
ELKHART Ind. (WNDU) - Concord Mall is now in receivership after a judge’s order was issued late July.
Court papers show the property owners - Ton Real Estate Investments - defaulted on a nearly $6.5 million mortgage loan and failed to pay over $456,000 worth of interest, taxes, and other costs. Ton also failed to fulfill the obligations of a forbearance agreement it had made with the mall’s former owner.
A judge appointed Bradley Company as the receiver - or Concord Mall property manager.
Court documents - in part - say Bradley Company, as the receiver, “is authorized to rent the mortgaged property for such an amount and on such terms and conditions and to such tenant or tenants...”
However, Bradley Company does not own the property. The Chicago-based Ton Real Estate Investments bought Concord Mall in February 2020.
Through their attorney, the mall’s former owners have “no comment” on the story. 16 News Now is awaiting responses from the lawyers who represent the new owners as well as Bradley Company, the court-appointed receiver.
16 News Now also reached out to the City of Elkhart to see what the future holds for the mall.
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