JOHNSON CITY (WBNG) — Foreclosure proceedings for the Oakdale Mall began in Broome County Supreme Court after the mall failed to make monthly payments on time.

An LLC authorized by Rialto Capitol Advisors is listed as the lender. The court documents say it’s looking to foreclose the property, after the mall failed to make monthly payments for the loan on or before February 1 of this year.

We reached out to Johnson City Mayor Greg Deemie, he said in part, “In my opinion the notice of foreclosure for the mall is your typical process when there is a financial situation. I have no indication that the mall is closing…I feel the mall will come back stronger and with a better future.”

We also reached out to Rialto and the mall’s owner, Vornado Realty Trust, neither have gotten back to us.

Co-owner of Shop 607, Judy Lotsman, said as a store in the mall, they haven’t been notified.

“We’re pretty much not informed as to whats going on,” said Lotsman. “We pay our rent and hope for the best.”

The court documents state as of March, the mall owed more than $50 million dollars in loans. The mall’s owner has within 20 days to respond to the notice of foreclosure proceedings.