Parties with ownership stake in Columbia Mall listed as defendants in foreclosure case
Sep. 11—GRAND FORKS — A North Dakota bank claims that parties with ownership stakes in Grand Forks' Columbia Mall have defaulted on a loan, and according to documents filed in a foreclosure case in district court, the bank plans to take the issue to court next year.
Defendants named in the case are Columbia Grand Forks LLC, Jameison Capex LLC and Oregon Trail Corporation, as well as Jeremy Lynn Carlson and Michael Ray Kuntz.
Jameison Capex Fund LLC is a Fargo-based investment group that owns the location of a former Macy's department store in the Columbia Mall. Columbia Grand Forks LLC — based in Barrington, Illinois — has the same address as GK Real Estate, the current owner of the Columbia Mall.
Oregon Trail Corporation is listed as a now-inactive firm headquartered in Los Alamitos, California, that was previously licensed to do business in North Dakota, according to court documents and the North Dakota Secretary of State's Office.
The plaintiff — First International Bank and Trust, headquartered in Watford City, North Dakota — alleges that defendants Jameison, Carlson and Kuntz are $1,273,790 behind on rent. According to court documents, the aforementioned parties delivered a promissory note to pay the loan's principal sum of $1,237,500 at an annual interest rate of 4.25% on June 30, 2021.
As listed in the complaint, Columbia LLC and Oregon Trail may claim interest or a lien in the property "by virtue of a judgment entered in its favor." It further states that "the interest or lien is subsequent, subordinate and inferior to the plaintiff's mortgage lien and the plaintiff is entitled to foreclosure of its mortgage lien."
The Herald reached out to Columbia Grand Forks LLC multiple times. The first time, a person who answered the telephone said representatives would respond to the Herald's questions, but no call was returned. No one answered subsequent phone calls.
Calls to Jameison Capex LLC, Kuntz and Carlson also went unanswered. The Herald also reached out to First International — a representative said attorneys would return Herald phone calls — but none did.
A pretrial conference is scheduled for April 2, 2024, with a court trial scheduled for May 22, 2024.
Tami Lazur, Grand Forks' deputy city assessor, said the property on which the Columbia Mall sits was sold in 2004 to Columbia Grand Forks LLC for $28,815,000. The site of the former Macy's was sold to Jameison Capex LLC in 2021 for $1,654,071.
On April 23, the bank declared the entire amount of the loan due at $1,273,790.95 — which is the sum of the principal balance, accrued interest and late charges.
