Cressona Mall in foreclosure
Copyright Larry Neff/Special to the Times News
A Schuylkill County mall has defaulted on a $9.9 million loan and is now in foreclosure, according to court documents.
Cressona Mall, along Route 61 in Cressona, borrowed the money from JP Morgan Chase in May 2005. The loan is now held by Wells Fargo Bank.
According to the documents, filed Feb. 24 in U.S. District Court, Scranton, the mall's owners, Cressona Associates of Claymont, Delaware, failed to make payments and was issued a notice of default on Nov. 7, 2014.
Cressona Associates did not return a phone call seeking comment.
The lender is demanding the company pay the entire amount immediately, according to the documents.
The mall houses businesses, including Staples, a Goodwill thrift store, and Mother Bears Candy.