Lawsuit: St. Cloud mall owners haven't paid loan in nearly three years, owe $84 million
July 14, 2023
ST. CLOUD - A subsidiary of U.S. Bancorp has initiated foreclosure proceedings against the owners of Crossroads Center mall, claiming the company hasn't paid on the loan in nearly three years and owes $84 million.
U.S. Bank Trust Company filed a civil lawsuit against St. Cloud Mall LLC, which is affiliated with New York-based Brookfield Properties, this week in Stearns County District Court. It asks the court to allow for the sale of the property and to enter a judgment against the owners in excess of $83.9 million, which the mall's owner owes on the principal, as well as interest and other fees.
The lawsuit states the "borrower failed to pay all amounts due under the loan documents on the Aug. 6, 2020 monthly payment date and all subsequent monthly payments dates thereafter."