Once-promising Fashion Outlets of Santa Fe in danger of foreclosure
September 24, 2017 04:46 PM
SANTA FE, N.M. – It was designed to be a destination shopping spot, and a tourist attraction to bring even more visitors to the state’s capital.
But despite new ownership and renewed promises a decade ago, that never happened.
Now the Fashion Outlets of Santa Fe’s property owners are in default on an $11 million loan, and the bank that filed is asking a judge to demand repayment and foreclosure.
The businesses at the outlets are now few and far between, the hopes of reviving the facility never realized. Now those dreams, like many of the businesses here, are in danger of drying up because of a lawsuit.
Court documents allege the property’s owners have failed to pay full monthly payments since July 1. According to those documents, they owe more than $10 million on that $11 million loan.
But they may never get the chance to pay it back, as Wells Fargo is attempting to foreclose on the property. That would mean appointing someone to manage payments and rental agreements.
It’s unclear if the businesses still open at the mall will be affected. The mall’s website lists about 20 stores still in operation, with an additional 15 spaces that appear to be empty.
Updated: September 24, 2017 04:46 PM
Created: September 24, 2017 04:30 PM
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