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Downer Avenue foreclosure auction delayed again

A foreclosure auction for several retail buildings along Downer Avenue in Milwaukee was delayed a second time and won’t be held until mid-August.

The outcome of the auction will determine the future of several important buildings along the east side neighborhood shopping thoroughfare. The auction will include buildings that house the Downer Theatre, Boswell Books, the Pizza Man restaurant and others with vacant space. Companies such as Pizza Man are tenants in the buildings, and stand to get a new landlord once the auction occurs.

The current building owner, Downer Delaware LLC, lost a foreclosure lawsuit after it stopped making mortgage payments on the buildings, prompting the Milwaukee County sheriff’s auction. One was scheduled to be held Monday, but was pushed back to Aug. 17. Given the prominence of the buildings, the auction has generated several inquiries to the sheriff’s department. The Monday auction date was a rescheduling of one originally set for June 1.

A second lawsuit was filed in May over maintenance work on the buildings, and has not yet been resolved.

A loan pool holds the mortgage on the Downer properties and won the foreclosure lawsuit. That mortgage holder can bid up to $10.52 million in the auction based on what it is owed from the November court judgment.

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Article source: http://www.bizjournals.com/milwaukee/blog/real_estate/2015/06/downer-avenue-foreclosure-auction-delayed-again.html

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