A foreclosure sale of the non-office portion of the Ovation mixed-use development site in Cool Springs was put on hold after the owner filed for bankruptcy, The Tennessean reported yesterday. Stan Thomas, the Atlanta-based developer who's working with Thomas Ovation LLC to develop the 77 acres, said that the bankruptcy filing had been made in error. Thomas said he didn't get a message that the project's lender, Paramount Capital, had left late Wednesday, agreeing to extend the terms of its $27 million loan, which would have nixed the foreclosure sale. Thomas Ovation LLC is working to complete an arrangement with another lender, which would provide money to pay off Paramount Capital's debt. Thomas said he's optimistic about starting site work on the non-office portion of Ovation this fall with construction to start early this spring. The project is expected to include 480,000 square feet of retail space, a boutique hotel and 800 apartments. Thomas Ovation LLC bought the 77 acres at Ovation from SouthStar LLC.
