Home Foreclosure Charlotte’s epicenter heads to foreclosure after several missed loan payments

Charlotte’s epicenter heads to foreclosure after several missed loan payments

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CHARLOTTE, NC (WTVD) – Uptown Charlotte’s EpiCentre, a former nightlife and dining hotspot, is heading for lockdown.

In a report from the ABC affiliate WSOC, the California-based company that owns the attraction missed months of mortgage payments on its $ 85 million loan. Now the bank is asking a judge to appoint a receiver to collect rents directly from tenants in the epicenter while the bank pursues the foreclosure.

“If they are successful, an order will be filed by the clerk’s office, allowing them to auction the property on the steps of the courthouse,” said bankruptcy lawyer Heather Culp. “At the same time, this what they are asking a judge to do here is to appoint a receiver to intervene, in the meantime, and collect the rents from the tenants. ”

Culp said the process of appointing a receiver to collect rent payments could go quickly, but an actual foreclosure could take up to 75 days.

Since January 2020, 10 companies have been evicted – at least five evictions have been carried out for non-payment.

The WSOC attempted to contact CIM Group, the owner of the epicenter, but received no comment.

In recent years, the owners of the Charlotte hotspot have been on trial for the murder of a scientist, doctor and businessman who was hit by a stray bullet while that he was visiting the region from Maryland.

“I don’t think it can be more of a mixed-use place of bars, restaurants and shops, things like that to coexist,” said Charlotte city councilor Tariq Bokari. “There were so many issues, from murder to crime rates that caused people to walk away from business there, that I think it needs to be rethought.”

Bokari described the disgraced hotspot as a “slow train wreck” and said he believed it needed a makeover.

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