PITTSBURGH (KDKA) – Legal proceedings continued Monday for the owners of the Shoppes at Northway.
Today, an agreement was reached in court to appoint Compass Advisory Partners, LLC as the receiver, while a foreclosure battle continues.
Compass Advisory Partners says their role will be a “changing of the guards,” so to speak. They will work to keep the current tenants, entice new ones and will be required to report activities to the court.
According to court papers, the owners defaulted on their mortgage and owe over $23 million. Jefferson-Pilot-Investments is suing for the amount.
McKinney Properties, which owns and operates the mall property, refused to comment today on the legal and financial issues.
KDKA did speak with shoppers, who have watched the steady decline of the mall over the last few years.
Many are hoping to see the Shoppes at Northway make a full recovery and see the vacant stores replaced with new shops.