h digitalfootprint web 728x90

Hearing scheduled on receivership of downtown Des Moines parking garage


A virtual hearing has been scheduled to hear a motion to appoint a receiver for the parking garage under construction at Fifth Avenue and Walnut Street, Polk County District Court filings show. On Sept. 14, Bankers Trust Co. filed a foreclosure petition in district court alleging 5th and Walnut Parking LLC and developers Justin Mandelbaum and Sean Mandelbaum are in default on a $48 million construction loan that was due to be paid off on Aug. 31. The loan was used to pay for an 11-story parking garage that is under construction at Fifth and Walnut. The garage is part of multipiece, $200 million development planned by the Mandelbaums called the Fifth. According to court documents, Bankers Trust plans to list the parking garage property for sale unless the developers requested a delay. The bank also listed Christensen Development as the firm that would oversee the remainder of the construction of the parking garage. A hearing on the bank’s request is scheduled for 8:30 a.m. Sept. 29. The hearing will be held virtually via Zoom. District Judge William Kelly is scheduled to hear the request.

Facebook Notice for EU! You need to login to view and post FB Comments!

brownwinick brd 030123 300x250