The Lake District is once again poised to resume development efforts following the approval of a plan to restructure. That according to Yehuda Netanel, developer of the 300 acre mixed-used property. Mr. Netanel told Lakeland Currents that all parties have agreed to a settlement and the judge officially signed off on the agreement this afternoon, April 23, 2024 in the Western District of Tennessee Bankruptcy Court.
The foreclosure, which was brought from lender TIG Romspen, was originally asking the courts for $60 million from The Lake District. However, the parties agreed to a reduced settlement which will not only pay off TIG Romspen, it will also pay off all other parties, including contractors that are currently owned money. “We are now proceeding to new funding so we can complete this project,” Mr. Netanel said.
Mr. Netanel added he was focused on the next steps and would be sharing more announcements soon.
