Tag: troubled

FORECLOSURE

Colorado eyes foreclosure against troubled Pueblo water company | Colorado Springs News

2 months ago
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An Arkansas Valley water and land company has left Colorado on the hook for nearly $1.4 million in delinquent loan payments and emergency dam repair bills, and may face a rare foreclosure proceeding by the Colorado Water Conservation Board.

At issue are two state deals, including a loan from the CWCB that has a remaining balance of $622,000 and an unpaid bill involving the Division of Water Resources and the CWCB’s emergency dam repair fund that has a remaining balance of nearly $750,000, according to the state.

Two Rivers Water & Farming Company, which has a history of chronic late payments, this year failed to make any payments on the $622,000 loan and has missed several payments on the emergency dam repair bill, according to the CWCB.

Greg Harrington, Two Rivers’ chief executive officer, did not respond to requests for comment.

In a letter to shareholders late last summer Harrington

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FORECLOSURE

Troubled Southridge Mall will be given to its lender through a deed in lieu of foreclosure, report says

2 months ago
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Southridge Mall’s ownership will be transferred to its lender through a deed in lieu of foreclosure, according to a new report — following an earlier report forecasting the same fate for the financially troubled property.



a group of people standing in front of a store: Round 1 and Dick's Sporting Goods are among the new tenants in Southridge Mall's redeveloped former Sears store.

© Tom Daykin / Milwaukee Journal Sentinel
Round 1 and Dick’s Sporting Goods are among the new tenants in Southridge Mall’s redeveloped former Sears store.

Simon Property Group Inc., which operates Southridge, recently disclosed plans for a  “friendly foreclosure” for the Greendale mall and two other malls outside Wisconsin.

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That’s according to a report from New York-based Kroll Bond Rating Agency.

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The financial performance of Southridge and the other malls has deteriorated significantly since Simon used the properties as collateral for the loans, the report said.

It also said Southridge has a 73% “in-line” occupancy rate.

“An in-line occupancy rate below 75% represented our

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FORECLOSURE

HSBC to Take Over Troubled Boca Raton Office Building

2 months ago
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Lexington Realty Trust's Wilson Eglin and 5600 Broken Sound Boulevard, Boca Raton (Google Maps)

Lexington Realty Trust’s Wilson Eglin and 5600 Broken Sound Boulevard, Boca Raton (Google Maps)

The trustee for a commercial mortgage backed security trust filed a court order to terminate receivership for a Boca Raton office building, following the lender’s winning bid in a foreclosure auction.

HSBC Bank, the CMBS trustee, wants to take possession of the vacant office building at 5600 Broken Sound Boulevard, according to documents filed in Palm Beach County Circuit Court.

The trustee received the title in October, after paying $1.7 million at auction for the property, and filed earlier this month to terminate receivership.

The previous owner of the building, a company that shares an address with Lexington Realty Trust, defaulted on a loan for about $20 million, according to court documents. New York-based Lexington is led by T. Wilson Eglin.

The company bought the property in 2001 for $6 million, according to records.

The one-story

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FORECLOSURE

Colorado eyes foreclosure against troubled Pueblo water company | Premium

2 months ago
[email protected]_84

An Arkansas Valley water and land company has left Colorado on the hook for nearly $1.4 million in delinquent loan payments and emergency dam repair bills, and may face a rare foreclosure proceeding by the Colorado Water Conservation Board.

At issue are two state deals, including a loan from the CWCB that has a remaining balance of $622,000 and an unpaid bill involving the Division of Water Resources and the CWCB’s emergency dam repair fund that has a remaining balance of nearly $750,000, according to the state.

Two Rivers Water & Farming Company, which has a history of chronic late payments, this year failed to make any payments on the $622,000 loan and has missed several payments on the emergency dam repair bill, according to the CWCB.

Greg Harrington, Two Rivers’ chief executive officer, did not respond to requests for comment.

In a letter to shareholders late last summer Harrington

… Read More

FLORIDA REAL ESTATE

Florida agency will ask for overhaul of troubled website

2 months ago
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TALLAHASSEE — Florida’s unemployment agency is asking lawmakers for $5 million to hire 108 new employees to handle increasingly complex unemployment claims, part of an overall legislative request that could include spending millions more to overhaul the state’s beleaguered unemployment website.

The Department of Economic Opportunity’s new executive director, former state Rep. Dane Eagle, said Tuesday that he’s hired an outside company to find out how and why the unemployment website, known as CONNECT, failed this year amid a crush of pandemic-related jobless claims.

“We can’t ask for the moon,” Eagle said Tuesday. “We’re trying to be reasonable.”

That review will help him and lawmakers decide what to do with website. Eagle said he’s eyeing two options: Keeping the existing system and moving it into a cloud-based server, where it will be better equipped to handle massive numbers of users at a time, or scrapping it entirely and building

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HOMES

Messenger: More complaints file in from former residents of troubled ‘sober homes’ | Tony Messenger

3 months ago
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Most of the homes still have people crammed in, he says, including in basements that Holley suspects don’t meet any fire codes. The house on Euclid had a fire a few weeks back. In some ways, Holley was one of the lucky ones. He did work for Shelton and Smith, odd jobs around the house, deliveries, yard work, collecting medications, so that he didn’t have to pay rent for much of the time he was there.

That gave him access to some of the documents Shelton uses to run the facilities. Holley showed me pictures of a database that shows the collections of various residents’ food stamp cards from the state. Shelton takes them, Holley says, and then distributes portions of the $194 per month as allowances to the residents. Many don’t get their full amount back, Holley said.

Shelton’s alleged counseling office called CelebrationPointe, is connected to a car

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HOMES

State board defers decision on reviewing troubled Kurn Hattin Homes

3 months ago
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Kurn Hattin orignal building
The original building of Kurn Hattin Homes for Children in Westminster. Photo by Kevin O’Connor/VTDigger

Vermont Education Secretary Dan French has asked the State Board of Education to launch a review of Kurn Hattin Homes for Children, a residential private school in Westminster facing sexual abuse allegations that span several decades.

The State Board has the power to grant approval for private schools to operate in the state, and can review and rescind that approval if certain red flags appear. 

In September, Kurn Hattin relinquished its license from the Department for Children and Families to operate a residential treatment program, following a state investigation of sexual misconduct and abuse allegations at the school.

But the school still has general approval from the State Board to enroll students ages 5-15 in grades K-8, according to Agency of Education spokesperson Ted Fisher. 

There are about 60 enrolled, he said, and one is

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