The company that sold Concord Mall in Elkhart says the buyer still owes nearly $7 million. The Elkhart Truth reports Concord Mall Properties LLC is asking an Elkhart County court to order the sale of the property again in order to help get the money it is owed.
The company says it sold the mall property to Ton Real Estate Investments X LLC in February of 2020. Concord says Ton executed a $6.48 million promissory note and a mortgage, but has defaulted on its payments by not paying monthly interest and property tax escrow, according to the publication.
In a filling with Elkhart County court, Concord Mall Properties is asking the court to foreclose on the mortgage and enter a judgement against Ton Real Estate. The company says Ton owes the principle sum of $6.48 million from the promissory note, as well as more than $450,000 in taxes, interests and other costs.
The Elkhart Truth reports Ton Real Estate shares a Chicago office and management staff with Freedom Development Group, which filed for bankruptcy in Illinois court last August. Freedom is also facing additional lawsuits from former business associates.
You can read the full story from the Elkhart Truth by clicking here.