NASHVILLE, Tenn. (WTVF) — Plaza Mariachi released a statement Friday after a foreclosure notice was published for their property on Nolensville Pike.
Metro records show that the property's lender, First Financial Bank, foreclosed on the property and that the land would be sold on July 2.
According to Plaza Mariachi, they were notified on June 5.
Owners said they are not going anywhere, and that they've been in talks to restructure financial terms for the location. They also said that they are not behind on any payments and are operating on a "positive cash-flow."
"We hope to sell the exterior properties surrounding Plaza Mariachi as part of a restructuring and new mortgage to continue operating under terms that are attractive from a different lender," they said in their press release.
They added that the real estate appraisal they received on the property is "far greater than the debt that is owed."
"We have a number of retail shops inside Plaza Mariachi who continue to lease from us and who are enjoying a large customer base," they said.
In 2017, Plaza Mariachi opened as part of a revitalization project.
"A lot of people come here for like salsa dancing, and just hanging out, being part of something that’s not a phone or a TV," Riley Barrett said. “Would just make me angry ,because I mean, Nashville is definitely a growing place, but it’s losing a lot of that cultural stuff."
All of this comes as the owner, Mark Janbakhsh, is also tied up in a federal case in connection to his former business, Auto Masters. He was indicted for conspiracy to commit bank fraud and other crimes related to a multi-million-dollar scheme. A status hearing to determine a trial date is scheduled for the end of June.
Adrienne Bennett Cluff hopes the owner's financial drama won't hurt Plaza Mariachi.
"It’s such a slice of important culture for the Hispanic community in Nashville," Cluff said.
Plaza Mariachi is also home to the Hispanic Family Foundation. They help immigrants by providing free services and healthcare.
Now, vendors will be waiting to see what happens next. "I think all Nashville communities are important and should be represented equally,” Cluff said.
Music lessons for just 50 cents! A Nashville music school has been providing that to area students for over 40 years including for the city's current mayor. As a child, I always wanted to take piano lessons. I was able to for about 6 months but had to stop due to family finances. I would have loved to have had access to a program like this at the W. O. Smith Music School.
- Lelan Statom
