Chapel Hills mall hit with foreclosure notices

COLORADO SPRINGS — 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.

The Gazette reported that 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, according to the report in the Gazette.

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.

Chapel Hills is a 1.2-million-square-foot shopping center.

COLORADO SPRINGS — 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.

The Gazette reported that 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, according to the report in the Gazette.

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.

Chapel Hills is a 1.2-million-square-foot shopping center.