Van Orsdel agrees to judgment, grants mortgage to West Glen partners
Businessman William Van Orsdel has agreed to pay $9.6 million to partners in West Glen Town Center and has given them a priority lien on multimillion-dollar residences and property he is attempting to sell in Des Moines’ South of Grand neighborhood.
Polk County District Judge Robert Blink signed an order Wednesday in which Van Orsdel agreed to a judgment sought by Gary Kirke, Robert Horner, A. Terry Moss and Robert Pulver in a lawsuit against their partner in the upscale entertainment, office, residential and retail center in West Des Moines.
Also on Wednesday, a mortgage and a subordination agreement were filed with the Polk County recorder that use properties Van Orsdel, two trusts and a limited partnership own in the 3400 block of Lincoln Place Drive as security on the court judgment.
The properties are listed for sale for $5.2 million. Any proceeds would go to Kirke, Horner, Moss and Pulver after a first mortgage with Bank of America is settled, according to property records.
The four businessmen and their West Glen Town Center LLC sued Van Orsdel in February, claiming that he had reneged on loan obligations and engaged in various forms of fraud while managing West Glen from 2004 to 2009.
Van Orsdel, also a principal partner in the West Glen operating company, is the target of a separate court action by Midwest Independent Bank of Jefferson, Mo., which seeks $6.7 million on a personal guarantee he made on a construction loan that the lender obtained earlier this year from First Bank.
That action came in a lawsuit also filed in February in which Midwest Independent Bank claimed all of the partners were in default on a $30 million construction loan.
Kirke, Moss, Pulver and Horner have either paid or are working out agreements with the bank to pay their portion of the loan, on which the bank said it was due $26 million when it filed the lawsuit.
The funds were for the development of an office building, a combination residential and retail building, tavern and a parking ramp. With the exception of the residential units, the Blue Moon Dueling Piano Bar & Restaurant and two commercial tenants, those buildings are largely unoccupied.
Those structures presently are in receivership after Midwest Independent Bank received a foreclosure judgment in June.
Click here for a related stor
Businessman William Van Orsdel has agreed to pay $9.6 million to partners in West Glen Town Center and has given them a priority lien on multimillion-dollar residences and property he is attempting to sell in Des Moines’ South of Grand neighborhood.
Polk County District Judge Robert Blink signed an order Wednesday in which Van Orsdel agreed to a judgment sought by Gary Kirke, Robert Horner, A. Terry Moss and Robert Pulver in a lawsuit against their partner in the upscale entertainment, office, residential and retail center in West Des Moines.
Also on Wednesday, a mortgage and a subordination agreement were filed with the Polk County recorder that use properties Van Orsdel, two trusts and a limited partnership own in the 3400 block of Lincoln Place Drive as security on the court judgment.
The properties are listed for sale for $5.2 million. Any proceeds would go to Kirke, Horner, Moss and Pulver after a first mortgage with Bank of America is settled, according to property records.
The four businessmen and their West Glen Town Center LLC sued Van Orsdel in February, claiming that he had reneged on loan obligations and engaged in various forms of fraud while managing West Glen from 2004 to 2009.
Van Orsdel, also a principal partner in the West Glen operating company, is the target of a separate court action by Midwest Independent Bank of Jefferson, Mo., which seeks $6.7 million on a personal guarantee he made on a construction loan that the lender obtained earlier this year from First Bank.
That action came in a lawsuit also filed in February in which Midwest Independent Bank claimed all of the partners were in default on a $30 million construction loan.
Kirke, Moss, Pulver and Horner have either paid or are working out agreements with the bank to pay their portion of the loan, on which the bank said it was due $26 million when it filed the lawsuit.
The funds were for the development of an office building, a combination residential and retail building, tavern and a parking ramp. With the exception of the residential units, the Blue Moon Dueling Piano Bar & Restaurant and two commercial tenants, those buildings are largely unoccupied.
Those structures presently are in receivership after Midwest Independent Bank received a foreclosure judgment in June.
Click here for a related story.
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