Louisiana Boardwalk foreclosed on, behind on loan re-payments
The hustle and bustle around the Louisiana Boardwalk will likely seem the same to shoppers, but big changes are being made behind the scenes after the shopping center was foreclosed on Tuesday for being behind on loan repayments.
Bossier City spokesman, Mark Natale, told us that changes in internal operations could be made, but the average shopper will not notice anything. No stores will be closing because of the foreclosure.
Former property manager of O&S Holdings, RayTromba, would not comment on the situation. The court did appoint Bayer Properties to oversee the river-front shopping center until a permanent buyer is named.
"They have a proven track record of expanding these properties and improving them," Natale said of Bayer Properties. He told us that city officials believe this change will benefit the boardwalk in the long run.
City officials say that the Louisiana Boardwalk is in good standing financially with Bossier City. They've kept up-to-date on all property taxes and have fully paid for property purchased on behalf of the city several years ago.
This necessary change could be one that pleases shoppers at Louisiana Boardwalk. "Bayer's got a very good track record in the retail property business," Natale said. "We've learned that they have some good connections with national retailers, so we're hopeful that things will change down there, but change for the better."
Bayer spokesman Doug Schnieder spoke with us over the phone Wednesday evening. He told us that they hope to stabilize assets for growth at the Boardwalk that will bring long-term benefits. Bayer will continue to be the keeper of the property at least for the length of the foreclosure.