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Chapel Hills Mall in Colorado Springs in foreclosure – The Denver Post

The owner of the Chapel Hills Mall in Colorado Springs has been hit with a pair of foreclosure notices totaling $37 million, according to filings with the El Paso County Public Trustee’s Office.

Chapel Hills, northeast of Academy and Briargate boulevards on the city’s north side, is one of the city’s two enclosed shopping malls. It’s owned by New York-based Garrison Investment Group.

Garrison representatives weren’t immediately available for comment.

Property owners typically receive foreclosure notices when they fall behind on mortgage and loan payments. In the case of Chapel Hills, a Wednesday foreclosure notice shows a limited liability company controlled by Garrison owes $35.2 million on a $43.3 million loan taken out in 2012. The holder of the loan is listed as Capital One, National Association, a bank owned by the credit card giant. A second notice shows Garrison owes $1.8 million on a $10 million loan, also held by Capital One.

While Garrison owns the Chapel Hills Mall, it doesn’t own the retail spaces that house anchor stores Sears, Macy’s and Dillard’s. Those properties were not part of the foreclosure filings

The 1.2-million-square-foot Chapel Hills was built in 1982. Its other anchors include Burlington Coat Factory and Dick’s Sporting Goods.

To read more of this story go to gazette.com

Article source: http://www.denverpost.com/2017/11/09/chapel-hills-mall-colorado-springs-foreclosure/

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