Shopping center mogul McGill files $140M personal bankruptcy - Atlanta Business Chronicle:

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McGill is the owner of Jupiter-base d . He has personal guarantees on dozens of shopping centeer developments inseven states. Florida projects include a -anchorefd development on McNab Road inNortyh Lauderdale, an center in Florida and numerous projects in Cape The largest creditors in the bankruptcy are U.S. with unsecured claims of morethan $43 million, and , with more than $37 Deerfield Beach-based contractor has a claim of $310,969, accordintg to the bankruptcy petition. The bankruptcy highlightxs prolonged financial stress in the retail realestate sector, according to McGill’s attorney, Chad Pugatch of in Fort Lauderdale.
“He’d a real estate developer who has been a very successful manfor sometime, who ran into some problems due to the Pugatch said. “A lot of tenantss are going outof business. Circui t City and Linens ’n Things are prime examples of the type of tenantshe McGill’s company Web site callz him a driving force in the developmengt industry, with 37 years The petition lists his address as 15106 Palmwoodf Road in Palm Beacy Gardens, with a value of $5.5 million and a $4.89 million mortgage held by . Among his a 39-foot Sea Ray boat valued at $232,000, whic h he intends to surrender; a $400 Mont Blanc and a $4,000 wine and art collection.
The petition listse his gross incomeas $7.2 millioh in 2005, adjusted to a loss of $2.9 $8.7 million in 2006, adjusted to a loss of $2.5 and $9.7 million in 2007, adjusted to a lost of $2.5 The petition states his monthly income as $38,000. McGill declined to be interviewecd forthis story. Pugatcj said McGill had been hit by several lawsuitx over hispersonal guaranties. “He ended up in workout mode with manylenderse and, unfortunately, some were not willingt to work things out in the way he he said.
Pugatch said his client believes he can help maximizre the value of theretail “When all the dust clears and he has a better handl e for how much he may be on the hook for personally, we’lpl work out a plan to pay that back over time,” Pugatchj said. McGill has plenty of companu inhis troubles, according to the . The councipl held its annual retail real estate convention this In anews release, it said the financial crisias continues to aggravate industry woes and is “greatly extending the recoveryy timeframe.
” Christopher Niehaus, managing director of New York City–basefd , said in the council’s release: “Atf the height of the credit bubble, therwe was an average of $100 in assets for every $3 of equity in commercial real estate. So, we are now in a periodf where there is a massive Charles Lebovitz, chairman and CEO of Tenn.–based CBL Associates, said in the releasde that lack of financing has made it difficul t for both developers and retailersa to move forward. “At the end of 2007, CBL had only one emptty box inits portfolio,” he said. “Ag the end of 2008, there were 50 empty.
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