Owner Of Bushnell On The Park Condos Gets Foreclosure Reprieve
Kenneth R. Gosselin
May 28, 2010
The lender foreclosing on the owner of more than two-thirds of the condominium units at Bushnell on the Park in downtown Hartford has agreed to temporarily suspend foreclosure action so the owner can seek financing, according to a lawyer involved in the case.
Wells Fargo Bank Minnesota, which holds the mortgage, has agreed to give the owner, Bushnell Regency LLC, until July 1 to put together a financing package, Jonathan Starble, an Avon lawyer representing other unit owners in the condominium tower, said Friday.
The extension was agreed to in federal bankruptcy court in Hartford Thursday. Bushnell Regency filed for bankruptcy in March, about a year after Wells Fargo first filed for foreclosure.
David Reis, the lender's attorney, did not return a call seeking comment Friday. Bushnell Regency's lawyer, Tom Farrell, declined to comment.
Bushnell Regency bought the units in 2002 for $15.6 million. When Wells Fargo first filed for foreclosure, it said it was owed $11.8 million before interest and late fees.
The unit owners represented by Starble are seeking to have the court appoint a receiver to take over the affairs of the condominium association, which also is controlled by Bushnell Regency. That action will now be taken up in Superior Court in Hartford.
Bushnell Regency disclosed in its bankruptcy filing that it was nearly $275,000 behind in paying monthly condo fees on the 129 units it owns in the building.
Reprinted with permission of the Hartford Courant.
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