Village Mall Property


History

In their November 10, 2008 SEC filing Vestin Mortgage stated that SilverStar Desitnations LLC was in default on their loan for the Sunriver Village properties.  Furhter they stated that they were proceeding with foreclosure proceedings and taking litigation against the personal gurantors on the SilverStar loans.  Additionally the filing disclosed that on October 22nd they had received a letter of intient to purchase the note for $13.0 million, less than 50% of the original $26.7 million loan balance. (SEC 10K Filing Statement)


New Owners

The current owners of the Mall properties are a new Salem based group named Rediscover Sunriver Village, LLC.  They formed with the State of Oregon on December 2nd and acquired the mall property on December 12th.  In an e-mail sent to the SROA the new group, through their representative Shelli Petersen stated:

"The investors are committed to the long-term prosperity of Sunriver Village. The transaction came together quickly and the investors do not yet have any specific plans for Sunriver Village.  We look forward to meeting with the board and discussing the future redevelopment plans of the village."
 
"There will be a meeting with key stakeholders in the near future to craft a plan that ensures the Sunriver Village will remain a vibrant community center. The investment group looks forward to being a part of the Sunriver community."


We are encouraged and excited by what was presented at the March 20, 2009 at the very welll attended meeting at the Great Hall in Sunriver.  We hope to also be included in the key stakeholders meetings that the Rediscover Sunriver Village group has mentioned.