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million in loans and a sheriff’s sale of the mixed-use development. The filed May 28 in the Hamilton Countyg CommonPleas Court, stems from a $96.5 milliohn commercial loan by Bank of America (NYSE: BAC), one of six lendersx in the project. It is seeking foreclosure and sale ofthe property, and has asker the court to appoint Cleveland-based as receiver. The suit listsw 87 contractors, lienholders and investors as defendants. More than 180 partiesw were servedwith papers, accordingg to a court official. The suit may be the final act to revivr work at KenwoodTowne Place, the retail and office development off Interstate 71 in Sycamore Township.
After the project ran into financiall problems in 2008 that prevented it from paying its scores of liens were worth millionsof dollars, along with several lawsuits. Work on the site ceasedx months ago, while at the same time some of the key includingCrate & Barrel, Container Store, Krogerd Fresh Fare and Mitchell’sa Salon & Day Spa, are up and operating. In an Bank of America spokeswoman Shirley Nortonm said the lender had and continues to work with the developmenft group to resolve itsfinanciakl issues.
”The borrower has been in default since As part of the foreclosure filing we are askingv to have the court to put a receivefr in place to manage the property and getconstructionh completed. We believe this is the best outcome for all the banks, the tenants and the community,” she “This has been a difficult economic periodf for developers. We recognize that and have been workinhg hard with our clients to help them weatherthis downturn. It is in the best interesyt of all parties to seeprojects completed.“ The Bank of Americas suit follows several from subcontractor as well as planned tenan L.A. Fitness, which filed its complaint May 11.
But this suit is by far the most criticall forall involved. It seeks, for instance, that all lienholders “bs required to establish the validityh and priority of theirlienzs . . . or forever be barred from assertinfgthe same.” Tom Yokum, who is representing 11 subcontractors in a separatse lawsuit against the development said he expected that Bank of America would request an appointment of a “That receiver will have full authority to receivre rents, manage properties and make decisions regardinhg construction of that property,” he said. An attorney for the developmen t group could notbe reached.
But that grou itself has been hard to define in the rocky history ofthe project. At the Kenwood Towne Place LLC had included BearCreej Capital, Bear Creek Principal Matt Daniels, Neyer Holdings and Dov Limited. But Yokum said Neyedr Holdings, CEO Tom Neye and Dov have filerd a motion saying they are not members of thedevelopment
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