From Susan Feyder at StarTrib:
The lender for the upscale Ivy Hotel + Residence in downtown Minneapolis is seeking to foreclose on the property, a high-profile project built less than two years ago that has fallen victim to the depressed condominium and hotel market.
In suits filed Nov. 17 in Hennepin County District Court, Dougherty Funding LLC said the developers owe more than $56 million on $69 million in loans for the project at 11th Street and 2nd Avenue S. The amount doesn’t include interest or late fees, the suits said.
What needs to happen is a blow out auction like they have in South Florida, maybe some bulk buys too!
About Jason Sandquist
