Judge says property can be auctioned prior to collection of judgment

A Clive office park will be sold at sheriff’s auction after a Polk County judge ruled that its owners owe nearly $10.5 million in principal, interest, fees and advances to cover unpaid property taxes. Judge Karen Romano said Corporate Woods LC owes the total judgment. Developer Daniel Stanbrough owes up to $8.48 million of the judgment, Romano said. Corporate Woods borrowed $9.7 million on the property at 1700 N.W. 118th St. in July 2007 from Regions Bank. That loan was among several that Regions later sold at auction to LSREF2 Baron LLC, a Texas investment group. Romano rejected a motion by Stanbrough to change the loan documents to allow for the sale of the property before the lenders could collect the judgment. However, she said LSREF2 has agreed to sell the property before attempting to collect the judgment. Joel Goodman and Brook Rosenberg, two of Stanbrough’s partners in the project, have been ordered to pay about $3.4 million.

A Clive office park will be sold at sheriff’s auction after a Polk County judge ruled that its owners owe nearly $10.5 million in principal, interest, fees and advances to cover unpaid property taxes. Judge Karen Romano said Corporate Woods LC owes the total judgment.

Developer Daniel Stanbrough owes up to $8.48 million of the judgment, Romano said. Corporate Woods borrowed $9.7 million on the property at 1700 N.W. 118th St. in July 2007 from Regions Bank. That loan was among several that Regions later sold at auction to LSREF2 Baron LLC, a Texas investment group.

Romano rejected a motion by Stanbrough to change the loan documents to allow for the sale of the property before the lenders could collect the judgment. However, she said LSREF2 has agreed to sell the property before attempting to collect the judgment.

Joel Goodman and Brook Rosenberg, two of Stanbrough’s partners in the project, have been ordered to pay about $3.4 million.