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Opera House owners ask court to dismiss lawsuit
The project saw a year of inactivity until April of 2015, when former liens filed by contractors were satisfied, in part because of a six-month, $1.85 million community construction loan from Develop Michigan Real Estate Fund in March of that year.
Lisa Yanick-Jonaitis, The Morning Sun
05/19/16, 3:54 PM EDT
Updated: 7 hrs ago
Owners in a major Alma redevelopment project have fired back against foreclosure litigation initiated by a lender, asking the court to dismiss the suit because the lender, a non-registered business in Michigan, does not have legal standing to sue
The court file also includes a personal guarantee of payment by the developer for liens on the property for the balance of two construction contracts
Cinnaire Development Finance Management in March filed claims against owners in the Wright Opera House development, asking for a nearly $2 million “bridge” loan to be repaid and taking the first steps in a foreclosure process against the project.
Wright Opera Block, Freed Construction, C & R Electrical and project developer Kurt Wassenaar, who is the guarantor of the bridge loan, are listed as defendants.
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