Stearns Bank sues to foreclose on Hmongtown Marketplace
Stearns Bank filed a foreclosure and receivership lawsuit Sept. 10 in Ramsey County seeking to seize Hmongtown Marketplace at 217 Como Ave. in St. Paul and to install a court-appointed receiver.[1]
The bank says about $6.59 million was owed as of Sept. 2, including $5.564 million in principal, $215,078 in interest, $297,319 in late charges and $513,915 in other fees.[1] Stearns named owner The Pillars Investment Group LLC and six related entities, all managed by Toua Xiong or his wife, alleging they defaulted by failing to repay the loan at maturity and by not paying all property taxes.[1] The bank is seeking foreclosure, a receiver to collect rental income and a monetary judgment against the companies and against Xiong and Vang as personal guarantors.[1]
Hmongtown Marketplace opened in 2004 in St. Paul's Frogtown neighborhood and houses more than 100 vendors.[1] The complex is a cultural and economic hub for the Twin Cities' Hmong community, and a court takeover could jeopardize vendor businesses and community programming.
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📌 Key Facts
- Stearns Bank filed a foreclosure and receivership lawsuit Sept. 10, 2026 in Ramsey County District Court over Hmongtown Marketplace’s 217 Como Ave. property.
- The bank claims about $6.59 million is owed as of Sept. 2, including $5.564 million in principal, $215,078 in interest, $297,319 in late charges and $513,915 in other charges.
- Owner The Pillars Investment Group LLC and six related entities, all managed by Toua Xiong or his wife, allegedly defaulted by failing to repay the $5.56 million loan at maturity and by not paying all property taxes.
- Stearns Bank is seeking foreclosure, a court-appointed receiver over the property and rental income, and a monetary judgment against the companies plus Xiong and Vang as personal guarantors.
- Hmongtown Marketplace, opened in 2004 in St. Paul’s Frogtown neighborhood, houses more than 100 vendors and serves as a key cultural and economic center for the Hmong community.
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