The Town & Country Plaza, a shopping center in Geneva located across the street from Wegmans, is set to change hands in the near future. According to the Finger Lakes Times, the property is being put up for auction in March, following foreclosure proceedings brought by Wells Fargo Bank against the plaza’s current owners Geneva Shopping Center LLC.
Wells Fargo initiated the proceedings in March 2022 after Geneva Shopping Center defaulted on a $13.2 million loan dating back to 2014.
The company was required to make monthly payments of nearly $72,000, with the term ending in February 2024. However, according to court filings, starting in October 2020, Geneva Shopping Center failed to make timely payments, leading to the default notice in December of that year.
The foreclosure proceedings have also named the Geneva Industrial Development Agency as a defendant, as the agency has a payment-in-lieu-of-taxes agreement with Geneva Shopping Center dating back to 2014. At the time, the shopping center had added space to accommodate a now-closed Tops Friendly Markets, along with the relocation of Peebles.
Bidding for the property will take place on March 20th at the Ontario County Courthouse.
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