CHARLOTTE — Deutsche Bank continues working with the owner of Charlotte’s EpiCentre to resolve a loan default but is prepared to foreclose on the property if those efforts fail, lawyers told an N.C. Business Court judge Tuesday.
“That strategy is still under consideration,” said Jim Pulliam, representing Deutsche Bank Trust Co., when asked how the case was likely to end. “If we cannot reach a resolution (of the loan default) with the borrower then we will move through foreclosure if necessary.”
Felton Parrish, representing the subsidiary of CIM Group that owns the uptown mixed-use and entertainment center, told Judge Louis Bledsoe that his client and Deutsche Bank agreed to a limited receivership to operate the EpiCentre until the dispute is resolved.
The receiver says in a court filing that the EpiCentre, which has 50 tenant spaces, is currently just 31% leased.
(WATCH BELOW: ‘It’s kind of losing its glow’: Will Charlotte’s Epicentre survive?)
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