San Juan shopping center takes $480,000 loan as $18.5M lien expires

A cancellation by prescription removes a recorded charge, such as a mortgage, from the Property Registry once the legal time limit to enforce it has passed. The cancelled mortgage secured a note of $18,500,000 payable to its bearer. The property's 2019 mortgage deed listed it among the charges then on record, beside a second bearer mortgage of $3,270,000 from 2007 and financing statements from 2007 and 2009.

The lender's earlier loan

The lender already held a mortgage here. A deed recorded on August 23, 2019 constituted a mortgage of $8,500,000 in its favor and subordinated the 2006 and 2007 mortgages to it. A deed recorded on December 15, 2021 amended, extended and enlarged that mortgage.

That 2019 deed describes the center's lot as 14,874.37 square meters. A deed recorded on August 12, 2025 cancelled a 40-year lease from 1990 on the property, at a recorded amount of $2,430,000.

Tenants and works

Between December 10, 2024 and September 29, 2026, 11 single-permit filings for businesses at the center were filed and are recorded as approved. A single permit bundles in one application the use permit, fire prevention certification, sanitary license and other authorizations a business needs to operate. These cover clothing stores, a pizzeria, a bank branch, a pharmacy, an outpatient medical clinic, an optical store, a supermarket, a cell phone store and a telecommunications co-location.

Works filings came earlier: 11 buildability pre-consultations between November 18, 2024 and May 12, 2025, all recorded as approved, for roof sealing, slab replacement, steel work, asphalt repairs and repainting. The newest, to resurface the main parking lot, was filed on August 25, 2026 and is under inspection.