Foreclosure filed on The Market Common in Myrtle Beach

Adva Saldinger - asaldinger@thesunnews.com

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JPMorgan Chase Bank filed foreclosure against The Market Common Tuesday, but business will continue as usual.

LUK-MB1 LLC, the company that owns and developed The Market Common, owes its lenders more than $105 million.

Sue Bonin, the general manager of The Market Common said the court appointed a receiver to operate the property, and the current management team will remain in place.

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Bonin said there will be no impact to businesses or residents who can continue to live and work at The Market Common.

"We feel badly for the original investors, like [developer Dan] McCaffrey, but as far as we and the merchants concerned, we don't really see anything changing," said Myrtle Beach city manager Tom Leath. "The receiver took over yesterday and rehired many of the people who worked for McCaffrey Interests, so we and the merchants will deal with a lot of the same people."

Myrtle Beach helped finance building The Market Common and has been focused for a while on enhancing the Grand Park area with sports fields, exercise facilities and other amenities.

Leath said the property taxes will be paid on The Market Common regardless of who owns the property, and that's what covers the city's bond debt for its investment.

"The general taxpayer is not on the hook for this debt at all," Leath said.

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