Wilmorite’s chief executive is defending Victor’s proposed acquisition of five Eastview Mall parcels, arguing that protecting the shopping center’s jobs and tax revenue justifies the town’s involvement in a dispute over its mortgage debt.
Thomas C. Wilmot, president and CEO of Wilmorite Management Group, challenged the lenders’ account of the mall’s finances in a Nov. 11 letter to the Town Board, the Rochester Business Journal reported.
His response comes as Victor continues accepting written comments on a proposal to acquire the parcels through eminent domain and transfer them to Victor 2040 LLC. The town’s hearing record remains open until 5 p.m. Nov. 30.
Wilmot argues that preserving Eastview’s economic role would serve the public, even if the transaction also benefits its ownership.
“The Town is acting to preserve the economic viability of the mall and to protect the jobs and tax revenue it generates,” he wrote, according to RBJ.
He also disputed the lenders’ characterization of a 2012 refinancing payout. Wilmot described it as ownership realizing value built through years of investment, rather than improperly extracting money. He said ownership subsequently lost $158 million in equity value, paid nearly $138 million in regular mortgage interest between 2012 and 2022, and paid another $10.6 million in default interest and fees since 2022.
Those figures are Wilmot’s account, reported by RBJ. He accused special servicer Rialto Capital Advisors of favoring fee-generating extensions over proposals to resolve the debt.
The lenders have offered a sharply different explanation.
U.S. Bank National Association and Wells Fargo Bank, acting as trustees for the trusts holding the original $210 million mortgage, filed for foreclosure after a repayment deadline passed in September.
Their attorneys contend the acquisition would undermine mortgage rights while returning control to an entity affiliated with Wilmorite. At the Sept. 28 public hearing, they disputed assertions that Rialto had withheld operating and improvement funds, citing approximately $9.4 million in disbursements from January through September.
Victor 2040’s representatives, meanwhile, described delayed approvals and maintenance needs, including damaged pavement and roof leaks. The hearing ended without an acquisition decision.
The competing financial accounts frame the central dispute: whether municipal intervention would protect an important community asset or improperly benefit the borrower at the lenders’ expense.
Victor’s explanation of the proposal says Eastview supports close to 4,000 local jobs and generates sales-tax revenue equivalent to about 20% of the town budget. Officials say Victor 2040 would bear acquisition costs, including compensation and related expenses.
The town says the five-parcel proposal is intended to support continued operations and improvements, including parking and heating and cooling systems. It is separate from the earlier acquisition involving the former Lord & Taylor building.
Victor 2040 describes itself as a separate local entity committed to establishing ownership and management acceptable to the town. It says the proposal would preserve existing businesses and employment.
The earlier Lord & Taylor case illustrates why the public-purpose argument matters. A state appeals court rejected Victor’s initial taking in 2022 because the town had not identified a sufficiently specific public project. The court upheld a revised proposal in 2024, finding a qualifying public purpose. Those decisions concerned different property and do not resolve the current five-parcel dispute.
Residents and other interested parties can submit written comments or documents to the town supervisor’s office at Victor Town Hall, 85 E. Main St., Victor, NY 14564, before the Nov. 30 deadline.
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