Hancock Village has 153,000 square feet of retail.
The developers of a large Chesterfield shopping center struck a last-minute deal with their lender to keep control of the property.
The owners of Hancock Village inked an agreement Wednesday with Flagstar Bank that cancelled a foreclosure auction that had been set for Friday.
The agreement also halts a federal lawsuit the bank filed against developers Doug Horack and Ed Nunnally in attempt to recoup the roughly $43 million owed on the loan for the 66-acre, 153,000-square-foot retail property.
“We resolved our differences, and it’s business as usual at Hancock Village,” Horack said. “Right now we are focusing on plans for a third phase of construction, which will probably begin in late spring.”
The lawsuit was dismissed Thursday.
In addition to Hancock Village, Flagstar had sought to foreclose on a seven-acre plot across Hull Street Road where another shopping center is planned and a 17-acre parcel owned by Nunnally and his wife a mile west on Hull Street Road. All those auctions have been canceled, according to Barrett.
The two sides reached a forbearance agreement, by which the bank agrees not to foreclose on the property for a period of time and modifies the terms of the loan. More often than not, the bank will charge a significant forbearance fee.
Neither Horack nor trustee Peter Barrett, an attorney with Kutak Rock working on behalf of Flagstar, would comment on the particulars of the forbearance agreement, citing a confidentiality agreement.
Horack and Nunnally built the Walmart-anchored Hancock Village in 2007. According to the lawsuit filed Jan. 3 by Flagstar, the loan on the property came due in late November, and the lender demanded payment in full in December.
Flagstar published foreclosure notices last week with the auction slated for Feb. 15.
Hancock Village sits at the intersection of Hull Street Road and Winterpock Road across from the Swift Creek Reservoir. Its tenants include Hobby Lobby and Dick’s Sporting Goods.
The 188,000-square-foot Walmart in the shopping center was purchased by the retail giant in 2007 for $11.4 million, according to county records.
Hancock Village has 153,000 square feet of retail.
The developers of a large Chesterfield shopping center struck a last-minute deal with their lender to keep control of the property.
The owners of Hancock Village inked an agreement Wednesday with Flagstar Bank that cancelled a foreclosure auction that had been set for Friday.
The agreement also halts a federal lawsuit the bank filed against developers Doug Horack and Ed Nunnally in attempt to recoup the roughly $43 million owed on the loan for the 66-acre, 153,000-square-foot retail property.
“We resolved our differences, and it’s business as usual at Hancock Village,” Horack said. “Right now we are focusing on plans for a third phase of construction, which will probably begin in late spring.”
The lawsuit was dismissed Thursday.
In addition to Hancock Village, Flagstar had sought to foreclose on a seven-acre plot across Hull Street Road where another shopping center is planned and a 17-acre parcel owned by Nunnally and his wife a mile west on Hull Street Road. All those auctions have been canceled, according to Barrett.
The two sides reached a forbearance agreement, by which the bank agrees not to foreclose on the property for a period of time and modifies the terms of the loan. More often than not, the bank will charge a significant forbearance fee.
Neither Horack nor trustee Peter Barrett, an attorney with Kutak Rock working on behalf of Flagstar, would comment on the particulars of the forbearance agreement, citing a confidentiality agreement.
Horack and Nunnally built the Walmart-anchored Hancock Village in 2007. According to the lawsuit filed Jan. 3 by Flagstar, the loan on the property came due in late November, and the lender demanded payment in full in December.
Flagstar published foreclosure notices last week with the auction slated for Feb. 15.
Hancock Village sits at the intersection of Hull Street Road and Winterpock Road across from the Swift Creek Reservoir. Its tenants include Hobby Lobby and Dick’s Sporting Goods.
The 188,000-square-foot Walmart in the shopping center was purchased by the retail giant in 2007 for $11.4 million, according to county records.