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Maui shopping center confronts foreclosure

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LAHAINA » Central Pacific Bank is suing to foreclose on a Lahaina shopping center to recover two loans totaling more than $48 million.

Lahaina Gateway opened in August 2008. It has 20 tenants including Barnes & Noble, Foodland Farms and Outback Steakhouse.

The Maui News reported yesterday that court documents say developer Bilarjo LLC took out a $41 million construction loan in 2006. Central Pacific Bank wrote a second loan for $7.3 million before the center’s grand opening.

The loan was to be replaced with permanent financing in two years, but Bilarjo asked for an extension when the time came. Both loans were extended until mid-2010. The bank filed for foreclosure in December.

A motion for summary judgment is due to be heard in April. If granted, the property would move to foreclosure.

Information from The Maui News, www.mauinews.com

 

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