Lenders Take Over Atlantic City Shopping Mall For $25M

Law360, New York (October 28, 2011, 8:48 PM EDT) -- Lenders led by a subsidiary of U.S. Bancorp. will pay $25 million for an upscale shopping center in Atlantic City after they sued the renter Taubman Center Inc. for defaulting on the mortgage, according to a New Jersey court filing Friday.

The lenders beat out one other bidder in a foreclosure auction for the Pier Shops at Caesars retail space, according to the confirmation of sale filed in federal court Friday. The lenders will reportedly seek to find new owners for the property.

The lenders will...
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