PITTSBURGH — Wells Fargo Bank has foreclosed on the Pittsburgh Mills Mall.
According to court documents obtained by Channel 11's news exchange partners at The Valley News Dispatch, the owner, Zamias Services of Johnstown, owes about $143 million on the original $133 million loan taken out in 2006.
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“I'm surprised because the mall's been here for a few years and I thought it was doing OK,” shopper Jim Sholtes of Fawn Township said.
While some shoppers were surprised by the news, others weren’t.
“I actually wasn't that surprised because the only time I come here is for one or two stores and it's typically dead,” shopper Nicole Conley of Springdale said.
Regardless, mall management said customers and merchants will notice very little change, if any.
Frazer Township officials told Channel 11 News that the foreclosure doesn’t mean the mall is failing, saying it’s actually thriving.
A township supervisor said the bank officials will work to find a new buyer as it’s in their best interest to do so.