BALTIMORE-An involuntary bankruptcy filing on Friday against a company that owns part of his Westport property has given developer Patrick Turner a reprieve from a foreclosure auction and perhaps time to work out a deal to save his $1.4-billion development.
It is the second involuntary bankruptcy filing that has postponed an auction on a portion of Turner's land in Westport that was used to secure a $30-million loan from Citigroup Global Markets Realty Group, according to the Baltimore Sun. The 2007 loan came due in 2010 and Citigroup Global has foreclosed on the property and sought to have the land sold at auction.
Atlanta-based Stein Investment Group has recently said it is working with Turner to try to buy the loan's promissory note from Citigroup and hopes to back the project. Turner's mixed-use plan for the property calls for the development of thousands of residential units, two hotels, a skyscraper and a park. See story in the Baltimore Sun.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
