RE|SOLUTIONS Begins Receivership of the Glen Town Center
(December 17, 2012) In connection with a $55.6 million foreclosure suit, S.L. van der Zanden of RE|SOLUTIONS has been appointed the receiver of the Glen Town Center. The developer, a venture of San Diego–based OliverMcMillan, has consented to its receivership appointment on the project’s 267,000 square feet. According to a loan report from Bloomberg L.P., the retail property securing the loan has not generated enough cash flow to cover the debt service since 2009.
The Glen Town Center is the centerpiece of The Glen, a twelve-hundred acre master-planned community on the site of the former Glenview Naval Air Station and its historic Hanger One. The Glen Town Center features pedestrian-friendly parkways and sidewalks connecting residents to the 1,150,000 square feet of retail shops, entertainment venues and residential dwellings.