Spirit Bank files for foreclosure on portion of old Eastland Mall property

TULSA - Spirit Bank has filed a foreclosure suit against a portion of the old Eastland Mall property.

In court documents filed Tuesday, Spirit Bank allege developers of the Eastgate Metroplex owe more than $2.4 million, plus interest, on a loan from September 2008.

The suit alleges the developers are in default of the loan, which matured July 1.

The initial loan was for $2.38 million and the site of the former Dillards adjacent to Eastland Mall was offered as a guarantee.

The bank is asking to recoup their lost money as well as attorneys' fees and court costs through a sheriff's sale of the property.

"We own more than 2 million square feet of commercial space in Tulsa and the surrounding areas and have never had a foreclosure notice filed on any of our properties in more than 30 years in the business," said Robert Phillips, managing partner of Eastgate and party to the suit. "While we regret the position Spirit Bank has taken, we hope to have the issue resolved shortly."

If the property were sold to satisfy the bank's claims, the remaining proceeds of the sale would be divvied up among the property owners, the lawsuit states.

Eastgate Metroplex is currently being used as office space for companies including Coca Cola Refreshments and Community Action Project of Tulsa County.

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