Bouchard Tosses Suit to Force Renegotiation of $7.4M Loan
The owner of a large commercial property in Wilmington is responsible for a $7.4 million loan, after the Delaware Court of Chancery ruled Monday that the loan's special servicer was under no obligation to renegotiate its terms.
August 02, 2017 at 02:22 PM
3 minute read
The original version of this story was published on Delaware Law Weekly
The owner of a large commercial property in Wilmington is responsible for a $7.4 million loan, after the Delaware Court of Chancery ruled Monday that the loan's special servicer was under no obligation to renegotiate its terms.
Windsor I, which owns the 48,000 square foot property on Farrand Drive, had petitioned Chancellor Andre G. Bouchard to order the special servicer, CWCapital Asset Management, to the negotiating table under a 2015 pre-negotiating agreement, fearing that it was at risk of imminent default as the property's only tenant, a Best Buy store, planned to switch locations after 20 years at the site.
The agreement, Windsor said in court filings, had “solidified the lender's commitment” to rework the loan's terms in light of Best Buy's pending departure, and CWCapital should be barred from foreclosing on the property until the sides engaged in meaningful, good-faith negotiations.
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