The closing of the property originally was scheduled for May, but was postponed to Dec. 19 because of a prepayment prohibition relating to the mortgage on the property, according to Banyan's prepared statement.
The contracted price and size of the property weren't disclosed. GlobeSt.com couldn't reach Banyan or Denholtz officials at publication deadline.
On Dec. 3, Denholtz notified Banyan in writing that Denholtz no longer intended to acquire University Square. The parties then mutually directed the earnest money to be paid to Banyan.
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