Renaissant Lafayette Files Chapter 11

CHICAGO-According to reports over the weekend, Renaissant Lafayette LLC has filed for Chapter 11 bankruptcy protection. The company, which is run by Chicago-based business man Warren Barr, is attempting to halt a $100 million foreclosure suit in Milwaukee for the Park Lafayette condominium towers.

Renaissant filed for bankruptcy on December 23.

In October, New York City-based Amalgamated Bank sued Renaissant, asking the Milwaukee Circuit Court to take possession of the 281-unit development and name a receiver. Renaissant defaulted on its $100 million construction loan. The court named a receiver but with limited power. However the bankruptcy filing negates that court order.

The Park Lafayette is a 20-story, 281-unit building going up along North Prospect Avenue and East Lafayette Place. Only eight units have been sold outright, 13 are under a rent-to-own plan According to a Milwaukee Journal Sentinel article, Renaissant’s court filing says is has 39 units under contract.

Renaissant’s court documents listed its assets as totaling $60 million. Its debts total $106 million.