A Binghamton area lender has commenced foreclosure proceedings against the owner of a shopping plaza on West Ridge Road in Greece.
Visions Federal Credit Union filed documents in state Supreme Court in Monroe County on Thursday, alleging JAPM Plaza LLC and guarantor Abraham Brach have defaulted on a consolidated mortgage and owe more than $6.2 million.
The property at 3042 West Ridge Rd. is anchored by Joann Fabric and Crafts, with PetSmart, Master Kim’s Taekwondo and America’s Best Contacts & Eyeglasses leasing secondary space.
The complaint filed with the court says the maturity date of the mortgage was Dec. 17 and the full balance became due at that time. The maturity date had been extended two other times, from Feb. 17. 2021 to Aug. 17. 2021, then to Dec. 17. 2022.
Visions Federal Credit Union claims that JAPM Plaza LLC is in default, as is Brach a Brooklyn developer who signed the mortgage as well as the security agreement.
A notice of default was sent by certified mail on Jan. 27. Visions FCU is asking that a receiver be appointed handle collection of rent and other matters.
JAPM Plaza purchased the property in January of 2014 for $6.125 million.
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