Another major residential development in foreclosure

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Regal Pointe Condominiums, located northeast of Green Bay Road and Washington Road, is in foreclosure, according to a recent report in the Kenosha News.

The 162-unit complex was built in 2002 as an apartment complex and was later converted into condominiums. Just 35 of the 162 units have been sold and the owner of the complex, Chicago-based Terrapin Properties, has defaulted on a $14 million loan for the property, according to the report.

Other prominent development projects in Wisconsin have collapsed recently, due to major financing problems:

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In January, Johnson Bank filed an $8.7 million foreclosure against Bristol Meadows, and equestrian/residential development in the Kenosha County Town of Bristol.

In Milwaukee, First Place on the River, a 151-unit condominium unit on the Milwaukee River in the Historic Third Ward, recently filed for receivership. The project is about $60 million in debt, said Michael Polsky, a shareholder with the Milwaukee-based law firm Beck, Chaet, Bamberger & Polsky S.C.

The developer for the First Place project, KeyBridge development, also had to drop its proposed Pointe Blue development in Racine because of an inability to get financing. That project was to have included 434 lake-front condominiums, 90 apartments, a marina, restaurants, stores and offices.

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Also in Madison, the second phase of that city’s largest private housing project, the 164-unit Metropolitan Place II, is in default of more than $26 million and its lenders are seeking foreclosure.

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