Foreclosure filed on downtown Louisville apartment tower - WDRB 41 Louisville News

Foreclosure filed on downtown Louisville apartment tower

Updated: Jun 10, 2014 07:00 AM
LOUISVILLE, Ky. (WDRB) -- The Barrington Place, a 17-story apartment tower at Third and Guthrie streets in downtown Louisville, is the target of a foreclosure lawsuit filed in U.S. District Court in Louisville.

The building’s owners have not kept up with payments on a $4.2 million mortgage taken out in 2003 and owe $3.4 million as of April, according to the suit filed Friday by U.S. Bank on behalf of the commercial real estate trust that owns the note.

The tower, at 537 S. Third St., is owned by a Missouri company called Barrington Place LLC involving Jon M. Pyzyk and Debra J. Pyzyk of St. Louis, according to records filed in court.

Jeffrey Gershman, a St. Louis lawyer representing Barrington Place, said it's the company's "intention and expectation that the lender will be paid in full." He declined to say anything else.

In 2003, the 218-unit building won an award for a renovation that “included exterior repair of masonry and windows, and upgrading of each unit,” according to The Courier-Journal.

The Trinity Temple Methodist Church built it in 1962 as Trinity Towers, a mix of church facilities and residential units “representing a new experiment in living,” according to the Encyclopedia of Louisville.

The church sold the building to its current owner for $1.3 million in 2001, according to a county clerk deed. 

U.S. Bank has asked the court to appoint a third party to manage the property and to order it to be sold at a court auction to repay the debt. The building's assessment for tax purposes is $6.9 million.

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