Bank files foreclosure on site of once-planned west Louisville W - WDRB 41 Louisville News

Bank files foreclosure on site of once-planned west Louisville Walmart

Posted: Updated:
1800 W Broadway 1800 W Broadway

LOUISVILLE, Ky. (WDRB) -- The developers who had hoped to bring a Walmart Supercenter to west Louisville now risk losing the site to foreclosure.

Teresa and Frank Bridgewaters, the co-owners of Newbridge Development, failed to make interest-only payments on a $1.7 million line of credit with Greensburg, Ind.-based MainSource Bank, according to a lawsuit filed Feb. 8 in Jefferson Circuit Court.

The bank is asking the court to auction off the nearly 20-acre site at 1800 W. Broadway -- as well as a handful of adjacent parcels -- to repay the $1.7 million as well more than $34,000 in interest and other costs.

The lawsuit comes about four months after Walmart scuttled the long-anticipated development, citing “much deliberation and consideration of various business factors and extensive delays to the project.”

Walmart first announced it would build a store at the long vacant site, which was once home to a cigarette plant, in March 2014. Metro government sweetened the deal with subsidies such as a promised $500,000 “grant” to the company.

Neither Frank nor Teresa Bridgewaters has responded to a message left at their office Friday afternoon.

An attorney for MainSource Bank, which inherited the $1.7 million loan from Cincinnati-based Cheviot Savings Bank, was unavailable for comment Friday.

Newbridge borrowed the money on Sept. 30 2015, with Frank and Teresa Bridgewaters each personally guaranteeing the debt, according to documents filed in the case. The loan had interest-only payments of about $5,600 a month, with the full $1.7 million due this September.

The developers used the loan mainly to refinance an earlier debt with Louisville lender Gus Goldsmith, according to documents filed in the case and other public records.

Copyright 2017 WDRB News. All rights reserved.

  • Sign Up for WDRB's Sports Newsletter

    * denotes required fields

    Thank you for signing up! You will receive a confirmation email shortly.
Powered by Frankly
All content © Copyright 2000 - 2017 WDRB. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.