The future of Jefferson Mall remains uncertain after newly filed documents revealed its owners have defaulted on a nearly $50 million loan.
In Louisville, the mall’s owners are preparing to walk away from the Okolona property.
Documents filed with the U.S. Securities and Exchange Commission on Feb. 13 show that CBL Properties holds an outstanding $48.9 million loan tied to the property.
Although the loan is set to mature in June, the lender informed the company earlier this year that the loan was already in default.
CBL Properties stated it plans to cooperate with the foreclosure or conveyance process for Jefferson Mall to settle the debt, noting that it “anticipates returning the property to the lender.”
In a statement, a spokesperson for CBL Properties said the transition will not affect the mall’s operations, tenants or customers.
“It will continue to operate and remain business as usual,” the spokesperson added.
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