A recent lawsuit filed against Pierre Bossier Mall alleges that the mall owners have defaulted on a $48,500,000 loan.
U.S. Bank National Association’s litigation states that the mall owners have not remitted the monthly debt service payments since March of last year.
The montly payments are $258,582.93 per month.
Due to the failure to make the payments, the lender has accelerated the balance of the unpaid loan amount.
The pleadings assert that the mall owes a balance of over $42.5 million.
Once a judgment is rendered the lender will have the right to have the rents from mall tenants paid directly to the lender.
Like other malls nationwide, Pierre Bossier Mall has struggled with maintaining tenants. The loss of the Sears anchor was a major loss.
Whether or not the mall will continue to be open long term is an open question.