Bank starts foreclosure process against Medical TowersBy PAT BROWN,
Trustmark Bank through a legal notice that appears in this week’s paper has announced foreclosure proceeding against the Medical Towers at Tuscan Court adjacent to Magee General Hospital.
The facility is owned in part by Dr. Charles Pruitt and Magee General Hospital.
The original debt was secured through bonds and with a balloon payment at the end of the debt. The initial debt was paid, but Trustmark called for the balance due.
MGH is currently in bankruptcy court and presenting a plan to be approved in court that would allow the facility to continue operations. This is expected to happen during the month of August.
Local inquiry at Trustmark was referred to the commercial lenders in Jackson. Austin Adams confirmed that the sale was set to take place September 6, between the hours of 11 a.m. and 4 p.m. at the south door of the courthouse in Mendenhall to the highest and best bidder.
He was asked if it was the intention of the bank to vacate the facility before the sale and he said no, that would be up to the purchaser, but the existing tenants should remain in place, and operations would proceed as normal.
He was asked if any additional information could be shared regarding the status of the facility and he declined, stating that giving information may violate privacy matters.
MGH Administrator Gregg Gibbes said this process should actually help the board to reorganize and submit a plan to the courts. He confirmed that the medical office building would stay open and said it is important for the people of the community to be aware that the process will help the facility to reorganize more quickly and that the physicians and other tenants will remain operational through the process.