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Buena Park entertainment hub The Source faces loan default though new storefronts continue to open

New businesses continue to open at The Source, a Buena Park center with an assortment of restaurants, shops and a movie theater, even as its developers work to refinance millions in debt and avoid a trustee sale set for May 23.

After a slow start, nearly 30 shops, places to eat and entertainment spots have opened since late 2016, including a bar with virtual golf and batting cages that launched May 3. But, according to notices filed with the Orange County Clerk-Recorder’s office, the center defaulted last fall on debts totaling nearly $130 million.

A trustee sale – essentially a foreclosure process that doesn’t involve a judge – had been scheduled for Wednesday, May 16, but has been postponed a week, according to John Zheng, the contact for lender Beach Orangethorpe LLC. One foreclosure expert said it’s common to postpone such sales so the indebted party can work out a deal with a lender.

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