Oaks Mall In Foreclosure

Foreclosure lawsuit filed against Oaks Mall claims more than $80M owed in principal, interest

Elliot Tritto

Gainesville Sun

Key Points:

1) The Oaks Mall in Gainesville, owned by Brookfield Properties, faces foreclosure due to an unpaid loan amount exceeding $78 million.

2) U.S. Bank filed the foreclosure complaint in December 2024 after the loan matured in October 2024.

3) Brookfield Properties recently sold a portion of the mall's land for the development of an apartment complex.

The future of The Oaks Mall in Gainesville is in question following a foreclosure complaint filed by U.S. Bank in late December 2024 that claims a default of more than $78 million.

The complaint, filed against Oaks Mall LLC, which is owned by Brookfield Properties, a subsidiary of Brookfield Asset Management, notes that as of Dec. 1, 2024, amounts due include $78.8 million in unpaid principal, accrued interest of $268,000 at the non-default rate and an additional $1.1 million at the default rate.

The original loan agreement signed in September 2012 between German American Capital Corp. and Oaks Mall LLC was for $118.3 million.

Following two extensions, the loan matured on Oct. 1, 2024.

Joseph Miles, an attorney with Coral Gables-based Siegfried | Rivera, who is presenting The Oaks Mall, did return requests for comment.

Property records show Brookfield Properties, the owner of the mall at 6419 W. Newberry Road, sold almost 8 acres on the south side of the mall in March 2023 to Evergreen Westside LLC for $3.8 million. Construction of the new Evergreen Westside apartment complex at the site, which previously served as overflow parking for the mall, is currently underway.

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