North Myrtle Beach Times Serving our Community and the Grand Strand for over 50 years
By Ruben Lowman
Myrtle Beach Mall, formerly known as the Briarcliffe Mall because of its close proximity to the town, has been hit with a foreclosure lawsuit after allegedly defaulting on a $12.5 million mortgage and not having paid property taxes since January of last year.
According to the lawsuit brought forward against the mall by Westridge Lending LLC, a California-based real estate investments trust fund, the owners of Myrtle Beach Mall still owe around half of the mortgage. Even after several loan modifications, the lawsuit asserts that Westridge is still owed $6.3 million. Westridge assumed all of the mall’s mortgage operations four years ago after it was bought by Peak Financial Partners and Misuma Holdings in 2014.
Court records filed show that MB Development Holdings has had foreclosure proceedings initiated by Westridge. MB Development Holdings has failed to pay insurance deductibles and part of the $12.5 million loan, along with over $240,000 in property taxes unpaid to Horry County for 2021.
The mall, which was originally built in 1986 and was once a thriving local staple of shopping and entertainment, has fallen on hard times in recent years. There have been numerous plans brought before county officials over the years to revitalize the mall or build other developments there in its place.
One such plan from a few years ago would have seen the mall undergo a $150 million renovation that would have seen it become an “outdoor mall” and feature more upscale retail areas and restaurants, as well as a lighthouse and a boardwalk on the Intracoastal Waterway. The plans were brought to county council by commercial real estate firm United Development Company in 2019.
At the time, they were introduced to council by Mike Wooten, representative with DDC Engineers, as being the “gateway to Myrtle Beach” and “kind of like The Market Common.” Much of the mall’s interior was gutted, leaving some of the few stores that still remained, including Bass Pro Shops, Belk, JC Penney and the AMC Classic movie theater. The plans stalled after the COVID-19 pandemic hit and the owners have now failed to pay on their mortgage and property taxes, quickly finding themselves in foreclosure proceedings.
Westridge Lending officials have asserted that several stores on the mall’s property will not be affected by the foreclosure proceedings, including the new Chick-fil-A store, Bass Pro Shops and the AMC movie theater.
The mall is located just past Briarcliffe Acres and it’s heyday was when it still bore the name of the town. From the mid-1990s to the early 2000s the mall was an extremely popular symbol of consumerism in the area, before Coastal Grand Mall, Market Common and Tanger Outlets across Highway 17 were all built along the Grand Strand. These additions, combined with greater trends in consumer habits and technology, have caused many of the old shopping malls to be deserted.
Less than 40 stores and restaurants remain at Myrtle Beach Mall, and just Belk is still standing from its original occupants.
Going forward, it is unclear what will happen. According to the lawsuit, there is a possible foreclosure sale by the Horry County Sheriff’s Office that could take place. Earlier this year in January, the mall’s three owners were each ordered to pay nearly $150,000 to the insurance provider by 15th Circuit Judge Benjamin H. Culbertson.
