Financial turmoil at West Glen Town Center continues, with a lender based in Jefferson City, Mo., claiming that the commercial and residential district is in default on a $30 million loan.

Midwest Independent Bank claims that West Glen Town Center LLC and its individual investors owe $26.4 million on a loan initially issued by First Bank of West Des Moines for the development of the Keystone and Promenade buildings, both of which were completed in 2009, and a parking garage.

Keystone and Promenade have one commercial tenant each. Keystone is a mixed commercial and residential property, and the majority of its apartments are occupied. The lawsuit was filed Tuesday in Polk County District Court.

The previous day, four investors sued Bill Van Orsdel, a key player in the development, for fraud, breach of contract, unjust enrichment and other claims connected with his management of West Glen.

Van Orsdel was manager from 2004 until April 2009, when partners voted to replace him with his longtime friend and business partner Gary Kirke, the majority stakeholder in the development. Van Orsdel holds a 34 percent interest in the limited liability company. The other investors are Robert Horner, Terry Moss and Robert Pulver.

The lawsuit filed by Van Orsdel’s investment partners claims that he has failed to pay about $3.7 million as his share of contributions to a $10 million loan that was due last year to JPMorgan Chase & Co. and a $1 million operating account the owners established to cover costs that could not be paid from West Glen revenues.

In addition, it suggests that Van Orsdel is insolvent and that he funneled several hundred thousand dollars in unauthorized compensation to himself and used West Glen funds and employees for the benefit of separate business ventures.

Van Orsdel, through his attorney, said the lawsuit is full of half-truths and falsehoods and blamed West Glen’s woes on Kirke’s mismanagement. Kirke was elected manager by a vote of the investor group in April 2009, replacing Van Orsdel, who managed the center from 2004 until 2009.

The bank lawsuit against all of the partners focuses on the $30 million loan for Keystone,  a 71,000-square-foot mix of apartments and commercial spaces, and Promenade, which has nearly 90,000 square feet of retail and office space, as well as the parking garage.

In December 2010, West Glen paid delinquent taxes of nearly $340,000 on those buildings because they were not generating lease income. However, West Glen had paid more than $600,000 in property taxes on other properties that opened early in the district’s development. West Glen also is attempting to workout issues related to the financing on those properties. The Business Record reported in November that West Glen is attempting to work out issues related to the financing of the first phase of the development.

On Jan. 27, First Bank and Midwest Independent Bank filed a mortgage assignment that places the Missouri bank as the first lien holder on a $30 million loan that covered construction of the Keystone and Promenade buildings and a parking ramp at West Glen.

Midwest Independent Bank is one of about two dozen so-called banker’s banks in the country. The banks provide financial services to community lenders that lack the resources to provide services such as large commercial loans. First Bank holds a 7 percent share of the loan to West Glen.

Also on Jan. 27, a second mortgage was filed on property Van Orsdel owns near his residence in the South of Grand neighborhood. The mortgage and another mortgage signed in October 2010 and recorded in November 2010 secure a loan that has grown to $1.6 million from the original $892,512.

Those mortgages list Van Orsdel’s $2 million home as well as another residential property that has an assessed value of $200,000.

West Glen Town Center LLC claims that those property deals amounted to an illegal transfer of property to an entity controlled by Van Orsdel called WAVO Properties LP. It has asked a judge to block the transfer and appoint a receiver.