Tulsa's Promenade Mall Facing Foreclosure

Tuesday, July 23rd 2019, 9:21 am
By: News On 6

Tulsa's Promenade Mall may be about to go into foreclosure.

Last month, Ready Capital, who holds Promenade's mortgage, filed paperwork asking a court for permission to foreclose. The company says Promenade's owner hasn't paid its mortgage since March. It also says necessary repairs identified in 2016 haven't been made and the mall's value has dropped more than 80% in that time.

Ready Capital is trying to recoup nearly $8 million in principal and interest.

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