Bank seeking foreclosure on Fashion Outlets
SANTA FE -- The Fashion Outlets of Santa Fe hasn’t paid on a big loan in over two months, according to a complaints filed in Santa Fe District Court, and a bank is asking a judge to initiate a foreclosure sale.
Wells Fargo Bank says in its complaint filed Friday that the outlet mall near Interstate 25 and Cerrillos Road owes more than $10 million on an $11 million loan that was agreed upon in October 2012.
The suit says the mall hasn’t paid full installments on the loan since July 1 and a default letter was sent to management July 17.
The bank is asking the court to appoint a special master to conduct the foreclosure sale and someone to collect payments and negotiate rental agreements.
The complaint also says the bank’s legal fees, which are already estimated to be over $15,000, are recoverable under an agreement.
The outlet mall currently has about 20 tenants — including Coach, Eddie Bauer, Polo Ralph Lauren, Under Armour and Tres Colores restaurant — and about 35 total lease spaces, according to a map on its website.
A representative from the mall could not be reached for comment Monday.
The 127,000-square-foot mall has had a history of stores coming and going since it opened in 1993. Apparently, its last ownership change came in 2007, when Florida-baed Talisman Companies, LLC purchased the mall.
“The Santa Fe Outlets is extremely well located in a great tourist destination and we excel at developing tourism business,” a spokesman said at the time. “We will bring the Center in-line with the quality that Talisman is recognized for in the retail shopping center industry.”