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.
[ RELATED: EpiCentre goes into receivership after $85M loan default ]
“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.”
[ READ MORE: EpiCentre headed for foreclosure after owner misses several loan payments ]
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?)
This browser does not support the video element.