COLORADO SPRINGS, Colo. (The Gazette) - The Chapel Hills Mall is in foreclosure.
The company that owns the mall, New York-based Garrison Investment Group owes more than $37 million in loans to Capital One Bank. 11 News reached out to Garrison Investment Group about the foreclosure. They couldn’t be reached for comment.
The company that's running the mall temporarily says the foreclosure won't have an impact on shoppers.
A few stores were not included in the foreclosure. Sears, Macy's and Dillard's are not under the same ownership.
The owner of the mall has between 110 and 125 days to pay back what they owe. If they don't, it will go to foreclosure sale.