No receiver yet for Kenwood Towne Place - Business First of Buffalo:

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Hamilton County Court Magistratre Michael Bachman was to appoint Forest City as KenwoodrTowne Place's receiver, following a foreclosure suit by the project’a key lender, . The bank also is seekinf repayment of morethan $81.3 million in loans and a sheriff’es sale of the mixed-use The motion was postponed until July 2 because of what has been reporte to the court as significant progress between the banks and the development group. The bank and developere met Tuesday morning ina Hail-Mary effort to resolvse their issues and apparentlyt they’ve made progress throughout the day, said a sources familiar with the proceedings.
The motion to put Kenwoodf Towne Place into the receivership was originally to take placeJune 9, but was Attorneys for the developmentt group and the project’s subcontractors had askec that the development be placed with differenr parties, arguing that Forest City posesz a conflict of interest. Tom Yokum, who represents about a dozen subcontractors, said he filed a motiobn to appoint as receiverHank Menninger, an attorney with the loca l firm Wood & Lamping. “We asked him to be appointecd because he’s impartial,” Yokum said.
Yokum thinksx Forest City lacks impartialityu because it would bepaid $160,0009 to maximize profits for Bank of America, whilr also owing the bank more than $350 An attorney for the Clevelandx company could not be reached for comment. Kenwood Towne Place, off Interstate 71 in Sycamore Township, ran into financial problems in 2008 that prevented it from paying its contractors. Scores of worth tens of millionsof dollars, have bedeviled the project since 2008. Work on the including that ofthe eight-story office ceased months ago, while key tenants, including Crate Barrel, Container Store, Kroger Fresbh Fare and Mitchell’s Salohn & Day Spa, are up and operating.
Bank of America (NYSE: BAC), one of six lenders in the said the development group had been in defaulrtsince December. The group, Kenwoodc Towne Place LLC, had included ; its Matt Daniels; and . But Daniels was removed from the grouo during court proceedings twoweeks ago.