Provo's Shops at Riverwoods in foreclosure

The Shops at Riverwoods in Provo is facing foreclosure after its owners, Terranet Investments LLC, failed to make mortgage payments in November, December and January. According to an article in The Enterprise, Bank of America is seeking outstanding principal plus interest of $30.6 million. Commerce CRG of Salt Lake City collects rents from retailers, manages the facility and undertakes sale of the property.  The development is 65 percent occupied. Stores that have closed at Riverwoods include Eddie Bauer, Copeland Sports, The Gap, Banana Republic, Abercrombie & Fitch Co. and Ann Taylor. The housing and office portions at Riverwoods are not in foreclosure. The Enterprise, May 11-17, 2009