Greene Town Center: Who owns it and what we know about foreclosure complaint

Wells Fargo Bank filed a foreclosure complaint Friday, May 10 against the owners of the Greene Town Center, claiming that the popular Beavercreek outdoor mall, apartment and office complex owes the bank tens of millions of dollars in loan payments.

WHO ARE THE OWNERS: Olshan Properties have owned the Greene Town Center since 2006 when it opened with 35 stores. The company was called Mall Properties Inc. at the time.

The New York City-based company, founded in 1959 by Mort Olshan, is a privately owned real estate firm that specializes in the development, leasing and management of commercial properties.

WHAT THEY OWN: Olshan’s portfolio encompasses 9 million square feet of retail properties; 13,000+ multi-family units; 1,249 hotel rooms; and 3 million square feet of office buildings across the U.S. The company owns several hotels at the Easton in Columbus.

WHO LEADS THE COMPANY: Zachary Bornstein is the company’s president. Michael Odell is the executive managing director and head of Investments and Capital Markets. Both executives have been at Olshan Properties for over10 years.

The executive office was reorganized in 2021 when Andrea Olshan, the daughter of the founder, left after 17 years at the family-owned company, moving to chairman of the board.

HISTORY OF THE GREENE: The developer’s idea behind the 72-acre project was to create a “small town” where people would be able to come together to shop, eat, and enjoy each other’s company.

Like all big projects, there were some obstacles to overcome. From the Dayton Daily News:

Sept. 16, 2004: Citing legal concerns, the Beavercreek school board has tabled its plans to vote tonight on the county’s request to help pay construction costs for a proposed open-air mall at Indian Ripple Road and Interstate 675, a move that could stall development of the 72-acre, multimillion-dollar project. Greene County officials and developers of the Greene Town Center want the school district and other public stakeholders to forego a share of property taxes from the mall to help pay for roads, traffic lights and other infrastructure for the project.

Where The Greene’s location was originally a large wooded area, and many protested its destruction. Some protesters even picketed at the opening ceremony due to their worry about the shopping center’s impact on local businesses.In 2006, The Greene was a much-anticipated addition for shoppers in the region. An article in this newspaper, said the grand opening at Interstate 675 and Indian Ripple Road was filled with “children squealing in the town center water fountain, shoppers describing on cell phones what it’s like, and waves of street music mixed with bursts of laughter from patrons dining alfresco.”

A handful of protesters picketed the opening. They were upset about the impact the shopping center would have on the local community and small businesses.

The 72-acre, 1.1 million-square-foot destination continues to add retailers and restaurants. More than 100 businesses call the district home.

WHAT RECENT LAWSUIT SAYS: In a complaint with over 300 pages of exhibits filed Friday in Greene County Common Pleas Court, Wells Fargo says Greene Town Center LLC entered into a November 2013 deal in which Citigroup Global Markets Realty Corp. agreed to loan them $137.25 million, and Greene Town Center LLC executed a promissory note to repay that amount plus interest and charges. That deal came seven years after The Greene first opened.

Wells Fargo says in March 2014, the deal was severed into two promissory notes ($90 million and $47.25 million), which eventually were transferred to Wells Fargo.

The complaint says those notes “are in default as the result of borrower’s failure to pay all amounts due thereunder by the Dec. 1, 2023 maturity date. As a result … all unpaid principal, all accrued and unpaid interest and all other amounts due under the notes are immediately due and owing.”

WHAT THE COMPANY IS SAYING: “The Greene Town Center has been actively engaged with its lender, negotiating in good faith and over a period of time, to find a reasonable and mutually agreeable outcome,” a spokesperson for the Greene said Tuesday evening. “While we are disappointed with the recent actions of the lender, it is our intention to continue to work with them to find a resolution.”

The spokesperson added that the Greene remains open for business, and “is excited to announce new and first-to-market tenants to the Dayton market.”


The city of Beavercreek issued a statement Tuesday, saying they “have been made aware of the recent developments regarding The Greene Town Center, and recognize its significance as a hub for commerce and activities within our community.”

“Our priority is to ensure continued economic vitality and stability for our city. We remain optimistic about The Greene’s future,” the city said.

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