General Growth Properties mall in Louisiana may be seized by lender

The Chicago Tribune reports:

A unit of Citigroup Inc. moved to seize one of General Growth Properties Inc.'s shopping malls in Louisiana after the Chicago-based company missed payment on a $95 million loan.

Citicorp North America Inc. filed a petition Tuesday in the 24th Judicial District Court for Jefferson Parish, asking for payment by selling the Oakwood Shopping Center in Gretna, La., New York-based Citigroup said in a statement Friday.

The loan was due Monday.

The court ordered that a writ of seizure and sale be issued and that Jefferson Parish take control of the shopping center and sell it, according to Citigroup.

Remember,this is America's second biggest shopping mall owner with over 200 properties.