Vyto Starinskas / Staff Photo
The Diamond Run Mall in Rutland Town is shown on Tuesday.
The Diamond Run Mall is about to change hands, though nobody who could be reached Tuesday was sure what that would mean.
The Rutland Town offices were closed Tuesday and documents were not available due to the New Year’s holiday, but Town Clerk Marie Hyjek was in the office dealing with what she described as a large amount of paperwork pertaining to the transfer. All Hyjek would say Tuesday was that she had received a deed in lieu of foreclosure on the mall.
“That’s where somebody, instead of going through a foreclosure process, turns over the property used to secure a mortgage,” real estate lawyer Stacy Chapman explained. “You just deed the property back to the bank or back to the lender.”
Chapman, who has not done any work on the transfer of the mall, said the owner forfeits the opportunities to redeem the property that comes in the foreclosure process.
Pennsylvania-based Zamias Services built the mall in 1995 and sold it to holding company Gemini Real Estate Advisors in 2007, and Gemini retained Zamias as a property manager. Neither company could be reached for comment Tuesday. Information on the mortgage holder was not immediately available.
Rumors have circulated for weeks that either the mall was closing or that developer Damian Zamias intended to re-purchase it. Rep. Tom Terenzini, R-Rutland Town, said the former rumor sent him to the mall manager Jay Morel in mid-December.
“He reassured me they were just rumors,” Terenzini said.
Terenzini said the mall employed 250 people and that he hoped it would remain open. Selectman John Paul Faignant expressed a similar sentiment.
“I knew there was something amiss and I’ve heard rumors, but I haven’t been presented with factual information,” he said. “It’s an important part of our tax infrastructure.”
Tax collector Dick Lloyd said the mall was current on its property taxes.
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