No receiver yet for Kenwood Towne Place - Dayton Business Journal:

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Hamilton County Court Magistrate Michaelo Bachman was to appoint Forest City as KenwoodTowne Place'se receiver, following a foreclosure suit by the project’s key lender, . The bank also is seekingh repayment of morethan $81.3 million in loans and a sheriff’sx sale of the mixed-use development. The motiomn was postponed until July 2 because of what has been reportedd to the court as significant progressd between the banks and thedevelopmenft group. The bank and developers met Tuesday morning ina Hail-Mary effort to resolve their issues and apparentl y they’ve made progress throughout the day, said a source familiar with the proceedings.
The motion to put Kenwood Towner Place into the receivership was originally to take placeJune 9, but was Attorneys for the development group and the project’sd subcontractors had asked that the development be placed with differengt parties, arguing that Forest City poses a conflicrt of interest. Tom Yokum, who representss about a dozen subcontractors, said he filed a motionm to appoint as receivereHank Menninger, an attorney with the locao firm Wood & Lamping. “We asked him to be appointef because he’s impartial,” Yokujm said.
Yokum thinks Forest City lacks impartiality because it woulxd bepaid $160,000 to maximize profitzs for Bank of America, whilw also owing the bank more than $350 An attorney for the Cleveland companhy could not be reached for comment. Kenwood Towne off Interstate 71 inSycamore Township, ran into financial problems in 2008 that prevented it from paying its contractors. Scored of liens, worth tens of millions of dollars, have bedevilex the project since 2008.
Work on the including that ofthe eight-story office tower, ceased monthss ago, while key tenants, includinb Crate & Barrel, Container Store, Kroger Freshu Fare and Mitchell’s Salon & Day Spa, are up and Bank of America (NYSE: BAC), one of six lendersa in the project, said the development group had been in defaulr since December. The group, Kenwood Towne Place LLC, had includedr ; its principal, Matt Daniels; and . But Danielz was removed from the group duringh court proceedings twoweeks ago.