Upscale condo property now in foreclosure - WDRB 41 Louisville News

Upscale condo property now in foreclosure

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LOUISVILLE, Ky. (WDRB) -- It's one of the more expensive real estate properties in Louisville, and now it's in foreclosure.

The property has had its challenges from the very beginning. Seminary Woods, now renamed Regency Tower, is a 14 story luxury condo. But 49 of the 63 units remain vacant, even though the building was completed five years ago. It was back in 2007 when the building was finally completed after many years of planning.

PNC Bank has foreclosed on the property after the developers defaulted on a $29 million loan.

The building does have nice amenities like a first class fitness center, and an outdoor pool overlooking a creek. But the project was completed just as the great recession was starting. So even the high end amenities haven't helped sell the condos.

They range in price from $600,000 for a 1800 square foot unit, to $6 million for the penthouse.

The bank is asking for an independent receiver to manage the property until it goes on the auction block. The bank says it does not comment on pending litigation. The foreclosure process is now before federal court in Louisville.

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