Home Real Estate Concord Mall owners owe millions in mortgages

Concord Mall owners owe millions in mortgages

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ELKHART Ind. (WNDU) – Concord Shopping Center is now in the process of reviewing a case after a judge’s order was issued in late July.

Court documents show that the property owners – Ton Real Estate Investments – have defaulted on nearly $ 6.5 million in mortgages and have defaulted on more than $ 456,000 in interest, taxes and other expenses. Ton also defaulted on an abstinence agreement he entered into with the former owner of the mall.

The judge appointed Bradley as the estate manager or property manager for the Concord Mall.

The court documents – in part – state that Bradley, as the recipient, “has the right to lease the pledged property for the same amount and on such terms to such tenant or tenants …”

However, Bradley does not own this property. Chicago-based Ton Real Estate Investments bought the Concord Mall in February 2020.

Through their attorney, the former owners of the shopping center “do not comment in any way” on this story. 16 News Now is awaiting responses from lawyers who represent the new owners and from Bradley, the court-appointed manager.

16 News Now also reached out to the City of Elkhart to find out what the future holds for the mall.

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