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says U.S. Bank indicated it would refinance or extend its loan, then foreclosed a day after pressuring the Shoppes� owner into waiving its right to fight any foreclosure. With no explanation, the bank "abruptly halted negotiations and any consideration of a simple four-month extension to allow (the owner) to complete a refinance," the countersuit alleges. RELATED COVERAGE: Big Tampa Bay shopping center, hit with $73 million foreclosure suit, is up for sale Coats said Wednesday that the Shoppes� owner had paid the bank�s loan servicer $5.5 million since the foreclosure suit was filed in March 2017 and had an "impeccable payment history" before that. "It�s not a borrower who has defaulted on a loan," Coats said. "It�s a borrower who�s a victim of a special servicer we can�t help but thinking is trying to get their hands on $30 million." He said the Shoppes, whose tenants include Marshalls, Office Depot and a movie theater, has been valued at $105 million or about $30 million more than the $74 million currently owed with interest on the loan. The open air shopping center at the corner of U.S. 19 and Park Boulevard was built in the mid 2000s by KB Parkside LLC, controlled by developer Robert Schmidt. The original loan was an interest-only note due in full in January 2017. Shortly before the loan came due, Schmidt thought he had refinancing agreement with Goldman Sachs but "Goldman pulled the rug out," Coats said. At that point, Schmidt discovered the loan had been securitized and transferred but it took some time to determine who had it.
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