Orlando shopping center owner files for bankruptcy
A company planning to redevelop an Orlando shopping center and facing two foreclosure lawsuits filed for Chapter 11 bankruptcy. International Shoppes LLC declared $20 million of debt and $6.7 million of assets in its bankruptcy petition. The bankruptcy petition may block foreclosures by Delaware-based Elizon DB, which has a $14.3 million loan secured by the shopping center, and Bank of the Ozarks, which has a $4.3 million loan on the property.
International Shoppes LLC, led by developer Abdul Mathin, has owned a shopping center called International Shoppes since 2007 and has planned to redevelop the property since 2014, when he proposed demolition of the 1980s-vintage shopping center and an ambitious redevelopment called iSquare Mall, designed to include a luxury retail center and two hotels. [Orlando Sentinel] – Mike Seemuth
Source: The Real Deal