The value of Towne West Square Mall has decreased by more than 80 percent, according to a report by business publication TreppWire.
According to the publication, the value of the 448,760 square-foot portion of the 945,000 square-foot mall being used as collateral decreased from $81 million at securitization to $15.9 million this month.
Last August, Wells Fargo filed a foreclosure notice on the mall and its owner, Washington Prime Group. According to the petition, the mall's owners had begun missing payments totaling about $32,000 earlier in 2018. Wells Fargo is attempting to recoup $47 million of the loan plus $220,000 in accrued interest.
The original loan, made in 2011 by Bank of America, was for $51 million.