NASHVILLE, Tenn. (WKRN) — Foreclosure proceedings have began for the site of Plaza Mariachi, a Hispanic shopping and cultural center along Nolensville Pike in South Nashville.

Plaza Mariachi was notified by lender First Financial Bank, which is the senior lienholder on the property at 3955 Nolensville Road, on Tuesday, June 5. First Financial Bank will publish a notice of foreclosure sale on Tuesday, July 2.

The property was purchased in 2014 by Mark Janbakhsh, who in 2022 was federally charged with conspiracy to commit bank fraud in connection with a multi-million-dollar scheme to defraud financial institutions. Those charges stem from Janbakhsh's ownership in America’s United Financial, LLC, and Affiliates, a business comprised of nine used car dealerships and six related finance companies, collectively known as Auto Masters.

Janbakhsh issued a press release Thursday and said Plaza Mariachi is not closing and they are working with other lenders and real estate brokers to restructure the financial terms. He added he hopes to sell the exterior properties surrounding Plaza Mariachi as part of
restructuring and a new mortgage.

In 2017, Plaza Mariachi transformed an old Kroger building into a multicultural experience with food, music, entertainment and shopping. It quickly became a family-friendly venue that provides much-needed services within the community.

"Our vision was just to bring a little bit of a celebration of culture, love and appreciation for Latin America art, music, flavors. The cuisine and being Music City, that’s why we decided to name it Plaza Mariachi because Music City, because music transcends race, color, it transcends the continental divides, it’s what unites us,” Diane Janbakhsh told News 2.

The foreclosure sale is currently set for July 2, 2024.

News Source : https://www.wkrn.com/news/local-news/nashville/plaza-mariachi-facing-foreclosure/