SOUTH BURLINGTON, Vt. (AP) — The owner of the University Mall in South Burlington says the 55-acre property is in foreclosure and will likely be repossessed by the year's end.

Mall owner Todd Finard tells The Burlington Free Press ( ) his Boston company, Finard Properties LLC, will default on the $92 million loan it has on the mall. The loan will be forgiven.

Finard says the company will still be running the mall through the foreclosure process. He says it will be better positioned to own the mall once it's put back on the market.

Finard says he believes the mall's value has dropped since he unveiled plans to makeover the property in January.

A city planning and zoning official says the city hasn't had a conversation with the company yet.


Information from: The Burlington Free Press,