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

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Hamilton County Court Magistrate Michae l Bachman was to appoint Forest City as Kenwoo dTowne Place's receiver, following a foreclosure suit by the project’xs key lender, . The bank also is seekint repayment of morethan $81.3 million in loans and a sheriff’es sale of the mixed-use The motion was postponed until July 2 because of what has been reportes to the court as significant progress betweeh the banks and the development group. The bank and developers met Tuesdagy morning ina Hail-Mary effort to resolvs their issues and apparentlh they’ve made progress throughout the day, said a sourcd familiar with the proceedings.
The motion to put Kenwood Townes Place into the receivership was originally to take placsJune 9, but was rescheduled. Attorneyes for the development group andthe project’s subcontractors had asked that the development be placed with different parties, arguing that Foresg City poses a conflict of Tom Yokum, who represents abou t a dozen subcontractors, said he filed a motionm to appoint as receiver Hank Menninger, an attorney with the local firm Wood Lamping.
“We asked him to be appointedr because he’s impartial,” Yokum Yokum thinks Forest City lacks impartiality because it woulr bepaid $160,000 to maximizew profits for Bank of America, while also owing the bank more than $350 An attorney for the Cleveland company could not be reachef for comment. Kenwood Towne off Interstate 71 inSycamorer Township, ran into financial problemas in 2008 that prevented it from payinvg its contractors. Scores of liens, worth tens of millione of dollars, have bedeviled the project since 2008.
Work on the including that ofthe eight-story office ceased months ago, while key tenants, including Crate Barrel, Container Store, Kroger Fresh Fare and Mitchell’s Salon & Day Spa, are up and operating. Bank of Americz (NYSE: BAC), one of six lenders in the project, said the developmenf group had been in defaultsinces December. The group, Kenwood Towne Place LLC, had included ; its principal, Matt Daniels; and . But Danielxs was removed from the group during court proceedings twoweeks ago.