Business & Tech
Coventry Mall to Be Sold At Public Foreclosure
The mall's mortgage holder received approval for the property to be listed at a Sept. 19 public foreclosure sale after the mall owner informed them that they would not be able to make loan payments.
Written by Nicole Foulke.
The Coventry Mall in North Coventry will be put up for auction next month.
The mall, located at 351 W. Schuylkill Road, which houses a Kohl’s and a Boscov’s, amongst other stores, is slated to be sold at a public foreclosure on Sept. 19, according to Reading Eagle. The mall will be open through the procedure.
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U.S. Bank National Association, the plaintiff that holds the property’s mortgage, is owed $62,406,171.09 as well as interests and costs as of June 26, according to court documents.
According to court documents, U.S. Bank National Association obtained approval for the sale in U.S. District Court for the Eastern District of Pennsylvania.
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The owner of the mall, Coventry Retail, informed U.S. Bank National Association that it could not pay for the principal and interest that were due from the loan documents on April 1, as well as the monthly payments that were due after that, according to court documents.
North Coventry Township Manager Kevin Hennessey said that the bank will likely bid at the auction and obtain the property title. "The bank will likely take over ownership," he said.
The website for the mall, which was built in 1967 and consists of 803,898-square feet indicates that more than 12 properties are available for lease there.
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