
Colonie Center Faces Foreclosure After Lender Files Complaint
The future of Colonie Center is not certain after their lender has filed for foreclosure on the Upstate New York Mall.
Colonie Center has been one of the two mainstay indoor malls in the Capital Region, having first opened in 1966. The mall has gone through many changes and renovations over the years and is still a major shopping spot for Capital Region residents. Maybe not for much longer.
A report on Thursday came out Thursday that the mall's lender has filed for foreclosure on the mall. The loan was first received in 2014, according to the Times Union. Colonie Center is owned by Pacific Retail Capital Partners, based in California. Those owners were sued in Albany's Supreme Court Tuesday by Deutsche Bank.
Colonie Center's parent company has defaulted on the $110 million loan, and that period of default began in 2023.
Pacific Retail Capital Partners owns part of the mall. Macy's, a flagship store at Colonie Center, owns their own space.
Colonie Center is home to the new Sierra, that just opened in 2024. Nordstrom Rack is set to close their location at Colonie Center later this year.
Many shopping malls have faced hard times since the COVID-19 pandemic and this could be another casualty of that as many local businesses are still trying to recover from financial loss.
As of right now the fall out from this foreclosure is unknown. We will keep you updates as we learn more details and the events unfold.
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