Business Should Continue As Usual Despite Mall Foreclosure Proceedings

The lender has filed for foreclosure against Shepherd Mall. Despite the legal proceedings, tenants say business should not be interrupted.

Since the 1990's, Shepherd Mall, which is located at NW 23rd and Villa Ave., has housed mostly offices.  More than a dozen state departments have office in the mall now. Shepherd Mall is also home to ASTEC Charter School.

U.S. Bank filed for foreclosure against mall-owner VTA Oklahoma City LLC in an Oklahoma County District Court Friday.

"The lender has considered carefully its options with regard to Shepherd Mall.  It believes that in light of its rights under the loan documents and obligations to its investors, foreclosures is currently the most prudent course of action," John Stiner, one of the attorneys for U.S. Bank said.

Stiner said he could not discuss the case any further.

Fox 25 spoke with the CEO and Founder of ASTEC schools, Dr. Freda Deskin.  She said the school had not been notified by the mall of the foreclosure, but was aware of the proceedings.   Deskin says the situation is not ideal, but that it should not affect her schools at all.  She said classes will continue as normal and she expects US Bank to continue to honor the school's leases.

A spokesperson from the Oklahoma State Department of Health, which has WIC offices in the mall, said OSDH had also not received and official notice, but that business would continue as usual.

Shepherd Mall management had no comment about the foreclosure filing.Business Should Continue As Usual Despite Mall Foreclosure Proceedings

Posted: Tuesday, March 5 2013, 04:00 PM CST