Thomas lost another piece of the Ovation property at a foreclosure auction earlier this summer. / Photo Matt Blois
By MATT BLOIS
One of the developers of the Ovation project in Cool Springs has paid back a major loan and avoided foreclosure.
According to a public notice published in September, a company controlled by the Georgia developer Stan Thomas defaulted on a $10.5 million loan used to purchase a section of Ovation.
The 42.5 acre property is located on the southeastern portion of the Ovation development. The land hasn’t been developed yet.
Thomas’ company purchased the land for about $15 million in October 2015.
The lender, the New York firm Gamma Real Estate, scheduled a foreclosure auction for Sept. 27 on the steps of the courthouse in Franklin.
However, Gamma Real Estate filed paperwork in Georgia terminating the loan on September 30, and didn’t go through with the auction.
On Wednesday, The Nashville Business Journal first reported that Thomas’ company had repaid the loan in full. According to the Business Journal, there are still other loans on the property, although Thomas’ company is not in default.
Thomas lost a different chunk of the property at a foreclosure auction in June. He failed to pay back a different loan to the New York hedge fund Atalaya Capital Management.
The original plan for Ovation, presented in 2014 by the Franklin development company SouthStar, promised restaurants, retail stores, gyms, a theater and a music venue. There were also plans for a grocery store, a hotel and apartments. SouthStar sold the land to Thomas’ company.
Highwoods Properties, a developer from North Carolina, owns another significant chunk of the Ovation development. The company has carried on with development despite inaction on Thomas’ part.
Highwoods recently opened the first office building on the property, the headquarters for Mars Petcare North America.