Plaza Mariachi's owner is facing a foreclosure, with the South Nashville property set to be sold at auction on July 2, the Nashville Banner reports.
Mark Janbakhsh bought the Nolensville Pike property in 2015 for $2.75 million and opened the Hispanic cultural hub in 2017, after investing $18 million and transforming its decor to mimic the streets of Latin American cities.
Mark Janbakhsh
The Nashville Business Journal reports First Financial Bank, the property's lender, submitted documents for foreclosure on Tuesday, according to Metro records.
Plaza Mariachi issued a press release Thursday stating that the property owner hopes to sell some surrounding properties and restructure the financial terms of the loan. The property owner contends he is not delinquent on his loan payments and operates in "positive cash-flow."
With an address of 3955 Nolensville Pike, Plaza Mariachi accommodates restaurants, clothing and jewelry stores, the Hispanic Family Foundation headquarters and service businesses providing resources to Spanish-speaking customers. The space, which formerly housed a Kroger, regularly hosts salsa dance lessons, folk dancers, mariachi bands and other musical guests.
Janbakhsh, the founder of the Hispanic Family Foundation and owner of several Spanish-language radio stations, also saw his own Auto Masters business go bankrupt in 2018 in fraught proceedings. In 2022, he was federally indicted on 21 counts including fraud, false statements and witness tampering. He pleaded not guilty and is awaiting a trial.
NBJ reports several federal and state tax liens, dated from 2018 to 2021, have been filed against the property, citing Metro records. Local attorney David Anthony has been appointed the property's substitute trustee, giving him responsibility to oversee the foreclosure sale, to be undertaken at the Metro Courthouse.
This article was first published by our sister publication, the Nashville Post.
