It's a sad time for some of the traditional malls that have long served the masses in Metro Detroit.
In April, Northland in Southfield closed.
Now, things aren't looking so good for Eastland Center in Harper Woods.
Sherri Welch of Crain's Detroit Business reports that Eastland Center has gone into receivership after missing several payments on outstanding loans on the property. The mall’s owner, Ashkenazy Acquisition Corp., also owned Northland.
Crain's reports that in June a federal judge in Detroit appointed Syracuse, N.Y.-based Spinosa Management Group as receiver of the property.
Crain's reports the company owes $42.5 million as of April on $46 million in loans taken out against the property in 2006.
It doesn't look good.
Crain's reports that it could be the first steps to moving the property into foreclosure.
