CHATSWORTH, Calif. – Telesis Community CU is asking a federal court in Florida to appoint a receiver for a troubled shopping mall development that has defaulted on an $11 million member business loan.
The suit, filed in U.S. District Court for the Middle District of Florida, represents the latest troubles for one of the biggest business lenders among credit union. The $530 million credit union has also foreclosed on multi-million dollar MBLs in Oregon, Tennessee and its home state of California in recent months. Telesis reported a $13.5 million loss for 2008 and a $6.7 million loss for the first three quarters of 2009.
The Florida suit claims that International Shoppes, LLC, the owner of the Windmere shopping center that holds 17 retail units, is in default on its loan and that the property is in jeopardy of being diminished unless a receiver is appointed.
A lawyer for the credit union told The Credit Union Journal yesterday it has filed a civil suit seeking relief because the property is not in bankruptcy.
The suit asks that the court declare the borrowers in default and appoint a receiver to manage the property.
