Metropolitan Place In Mortgage Foreclosure
Banks: Development, Manager Defaulted On $26 Million
Updated: 10:45 am CST February 5, 2008
MADISON, Wis. -- Two banks have filed mortgage foreclosure actions against one of downtown Madison's luxury condominiums.
VIDEO: Watch The ReportMetropolitan Place has hundreds of condos and has been a part of downtown Madison for years.However, in the past two weeks, two banks have filed mortgage foreclosure court actions against Metropolitan Place and the manager, Clifford Fisher, WISC-TV reported.The documents, filed on Jan. 29 in Dane County court, begin foreclosure proceedings on phase two of the Metropolitan Place, which boasts 164 condo units.The court documents said that the Metro Place LLC Buckingham and Fisher have defaulted on a $43 million loan.La Salle and Associated Banks said loan payments haven't been made since October, and the banks are still owed more than $26 million.Fisher said it's all an "unfortunate set of events." He said the foreclosure is due to the subprime lending problem and a recent bank merger."We have a major disagreement on the amount (of money) we owe, but we feel comfortable there will be a reasonable solution by the court," he said.This latest news is more bad news for the Willy Street Co-op, which is trying to locate a grocery store inside Metro Place, WISC-TV reported."I suppose if the worst-case scenario comes to pass, I suppose we'll be talking about what other options are out there and have more discussions about the timeline," said the Willy Street Co-op communications manager. "We'll just keep working toward opening that store."Fisher said he remains optimistic about the grocery opening too, stating that it is his top priority.A motions hearing on the foreclosure action is set for Feb. 14.
VIDEO: Watch The ReportMetropolitan Place has hundreds of condos and has been a part of downtown Madison for years.However, in the past two weeks, two banks have filed mortgage foreclosure court actions against Metropolitan Place and the manager, Clifford Fisher, WISC-TV reported.The documents, filed on Jan. 29 in Dane County court, begin foreclosure proceedings on phase two of the Metropolitan Place, which boasts 164 condo units.The court documents said that the Metro Place LLC Buckingham and Fisher have defaulted on a $43 million loan.La Salle and Associated Banks said loan payments haven't been made since October, and the banks are still owed more than $26 million.Fisher said it's all an "unfortunate set of events." He said the foreclosure is due to the subprime lending problem and a recent bank merger."We have a major disagreement on the amount (of money) we owe, but we feel comfortable there will be a reasonable solution by the court," he said.This latest news is more bad news for the Willy Street Co-op, which is trying to locate a grocery store inside Metro Place, WISC-TV reported."I suppose if the worst-case scenario comes to pass, I suppose we'll be talking about what other options are out there and have more discussions about the timeline," said the Willy Street Co-op communications manager. "We'll just keep working toward opening that store."Fisher said he remains optimistic about the grocery opening too, stating that it is his top priority.A motions hearing on the foreclosure action is set for Feb. 14.Copyright 2008 by Channel 3000. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
