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Foreclosure put off for shopping center

Posted: Sunday, February 07, 2010

An Evans shopping center that faced foreclosure will remain in the hands of its current owners, at least for the meantime.

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Liberty Square was scheduled for auction Feb. 2 at the Appling courthouse, but the parties involved agreed to put the foreclosure on hold while working toward a resolution.

"They (the lender) have agreed with the borrower to postpone it," said Atlanta attorney William Rothschild, who represents Centerline Servicing, the corporation tasked with collecting the payment.

The Williamson Group, based in Boca Raton, Fla., purchased the shopping center for about $6.3 million in 2006, according to county records. The initial loan was made by Morgan Stanley Mortgage Capital Inc. and is now held by Wells Fargo Bank as the trustee for Morgan Stanley Capital 1 Inc.

The original debt amount was about $5 million, but had likely changed during the years.

In January, four foreclosure advertisements for Liberty Square ran in The Columbia County News-Times.

"It may be advertised in the future depending on whether they work out a deal or not, but they did not foreclose (Tuesday)," Rothschild said.

The nearly five-acre parcel of land across from the Evans Walmart is valued at more than $4.7 million, according to county records.

The shopping center houses eight business, including restaurants, a bakery and an electronics store. Several tenants of Liberty Square were unaware that the shopping center faced foreclosure.



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