Bank forecloses on Sycamore Mall

BY DI STAFF | DECEMBER 03, 2012 6:30 AM

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Sycamore Mall is facing foreclosure, according to online court documents.

Wells Fargo Bank has filed for foreclosure against CORE Sycamore Town Center for an outstanding payment of approximately $12 million, but the general manager of the mall is not concerned about the action.

“We’ve almost got a new loan in place,” Sycamore Mall general manager Kirk White said.“ It was more of a timing issue, and had we known earlier, we could have avoided it.”

White further said the mall was “scrambling” to get a new loan in place and is “hammering out the details” with a local bank on a new loan, but he declined to name the bank.

He further anticipates the loan to cover the outstanding payment but says that will ultimately be up the banks to negotiate. 

The mall’s is at around 88 percent capacity, and White said it is following up on interest in the space Von Maur will vacate in August.

— by Brent Griffiths

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