The owner of a large commercial property in Wilmington is responsible for a $7.4 million loan, after the Delaware Court of Chancery ruled Monday that the loan’s special servicer was under no obligation to renegotiate its terms.
Windsor I, which owns the 48,000 square foot property on Farrand Drive, had petitioned Chancellor Andre G. Bouchard to order the special servicer, CWCapital Asset Management, to the negotiating table under a 2015 pre-negotiating agreement, fearing that it was at risk of imminent default as the property’s only tenant, a Best Buy store, planned to switch locations after 20 years at the site.
