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Banks take ownership of Harrisburg Mall, Colonial Country Club

By - Last modified: February 14, 2011 at 12:23 PM

The banks that owned the mortgages of the Harrisburg Mall and the Colonial Country Club took ownership of the properties today during a Dauphin County sheriff's sale.

TD Bank set the upset price -- or the price at which the bank would stop bidding -- for the mall at $48.9 million. The bank, which is dually based in New Jersey and Maine, bought the property for $3,662 - the price the county paid for advertising the property. Following today's sale, New York-based Feldman Lubert Adler Harrisburg no longer owns the property, said Barry E. Bressler, TD Bank attorney.

TD Bank subsidiary Coba Inc. owns 70 percent of the mall, Bressler said. Harrisburg-based Metro Bank subsidiary M B Harrisburg Holdings owns 15 percent and Montgomery County-based Firstrust Bank subisidary First Harrisburg Inc. owns the other 15 percent, he said.

Feldman owed $52.5 million on the Swatara Township property. TD Bank will entertain offers for the property, Bressler said.

New York-based M&T Bank held on to the country club. Its upset price was $7 million. The bank kept the country club for $1,549 -- also the price the county paid for advertising the property.

Lower Paxton Township-based developer Triple Crown Corporation Inc. previously bought a mortgage on the property and plans to own it, said Mark DiSanto, chief executive officer of Triple Crown.

This item was modified from its original version to add that TD Bank subsidiary Coba Inc. owns 70 percent of the Harrisburg Mall, while Harrisburg-based Metro Bank subsidiary M B Harrisburg Holdings and Montgomery County-based Firstrust Bank subisidary First Harrisburg Inc. own 15 percent each.

Write to the Editorial Department at editorial@cpbj.com


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