The River Valley Mall has landed at the sheriff’s auction

On Mar 11, 2022

The River Valley Mall, built in 1987, is facing foreclosure after its owner defaulted on a $15 million loan.

LANCASTER — The River Valley Mall will go to auction at 11 a.m. April 1, provided its parent company does not pay the court-appointed fees.

In January, Fairfield County Common Pleas Judge David Trimmer ruled that parent-company RVM, LLC owed YAM Capital, LLC a total amount of $14,751,078.08, which included the balance of the principal loan, plus payments of non-default and default interest rate payments since the complaint was filed.

YAM loaned RVM $15.1 million in 2017, which RVM used to purchase the mall in 2017 for a total fee of $20.4 million.

According to court documents, YAM filed a complaint for judgment on a promissory note and in foreclosure in September 2020.

River Valley Mall parent company owes $15 million as mall faces possible foreclosure

Trimmer also ruled the mortgage on the property was good, and unless the costs listed above, plus any outstanding real estate taxes on the property are paid, the property in question — in this case, the mall — can be foreclosed on.

According to court documents, attorney Carrie Brosius, on YAM’s behalf, filed a precipe for sale of the property at 1635 River Valley Circle South — the mall and the ring road around the building — in February.

An appraisal of the property was filed with the court on Feb. 28. According to that document, the property was valued at $18 million.

The Fairfield County Sheriff’s office conducts the sale of all real estate subject to foreclosure on the “Official Public Sheriff’s Sale Website,” which is operated by Real Auction based on a contract with the Ohio Department of Administrative Services.