UPDATE: College Square Mall in Cedar Falls in foreclosure - KWWL - Eastern Iowa Breaking News, Weather, Closings

UPDATE: College Square Mall in Cedar Falls in foreclosure

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CEDAR FALLS (KWWL) - Mortgage firm Bear Stearns has initiated foreclosure action against College Square Mall in Cedar Falls, according to papers filed in Black Hawk County District Court in Waterloo.

Documents dealing with the foreclosure petition against College Square were filed Monday in Black Hawk County.

The petition was filed on behalf of U.S. Bank, College Square's trustee. A receiver was appointed and a hearing set Monday, and a surety bond posted Tuesday.

GK Development, Inc. spokeswoman, Marianne Fasano, said in an email Wednesday that College Square will continue to be open during the process.

"GK Development, Inc., owner of College Square Mall, has elected to enter into a loan restructuring process with the lender for the property," Fasano said. "This is a complex endeavor that is currently ongoing. College Square Mall continues to operate as usual during this process."

The petition was filed by Laurie Dawley, real estate attorney for the law firm of Shuttleworth and Ingersoll of Cedar Rapids. KWWL reached Dawley by telephone late Wednesday afternoon, but she did not make any comments to KWWL about the case.

The case is US Bank vs. College Square Mall, case number 01071 EQCV125083.

College Square Mall has had financial problems and trouble retaining businesses for at least a few years. In 2012, it lost one of its bigger businesses when Scheels moved.

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This article was corrected June 26 at 11 a.m. to correct information about Bear Stearns and U.S. Bank. U.S. Bank is the trustee for College Square Mall, while Bear Stearns is initiating the foreclosure proceedings against the mall.
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