Crossroads Center Mall Sale Finalized for Nearly $80 Million

(KNSI) – The sale of Crossroads Center mall in St. Cloud for nearly $80 million is now closed.

On January 19th, Stearns County District Court Judge Laura Moehrle published a judgment okaying Contrarian Crossroads LLC’s purchase of the property. The company and the mall’s receiver, Trigild IVL, first agreed on the deal on December 29th.

Very little is known about Contrarian Crossroads LLC. It is Delaware based company. A filing with the Minnesota Secretary of State’s office only lists information about its registered agent, Corporation Service Company. CSC operates in Minnesota from an office suite in Roseville. Its principal business address is in Houston, Texas. It serves as an agent of several companies across the country.

The previous owner of Crossroads Center was multinational property giant Brookfield through a real estate holding company named St. Cloud Mall LLC. It stopped making payments in fall 2020 as a consequence of the economic lockdowns related to the COVID-19 pandemic. It still owed $84 million in principal on the loan.

The judgment says the mortgage has been amended and restated. It could mean the principal value is less than the $84 million owed by Brookfield, but that isn’t known for sure. The new owner is responsible for all back taxes, federal liens, and liens related to the original financing statement and loan documentation.

Contrarian is assuming Brookfield’s mortgage with an interest rate of 3.25%. The agreement calls for $487,657 a month in interest with a balloon payment of $79,867,741 due on May 6th, 2027.

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