Regency Tower condo building to be sold under court order - WDRB 41 Louisville News

Regency Tower condo building to be sold under court order

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Regency Tower at U.S. 42 and Seminary Drive (courtesy NTS Development Co.) Regency Tower at U.S. 42 and Seminary Drive (courtesy NTS Development Co.)

LOUISVILLE, Ky. (WDRB) -- Regency Tower, the 14-story luxury high-rise building at U.S. 42 and Seminary Drive, will be sold under court supervision nearly three years after construction lender PNC Bank filed for foreclosure.

Originally called Seminary Woods, the high-end condo project ran into trouble shortly after being completed at the beginning of the real estate downturn in 2007.

The developer, Seminary Woods LLC, led by Norman Risen, owes PNC more than $22 million in principal, interest and expenses, according to court documents.

Nearly a decade after the building went up, almost 75 percent of its units remain unsold, according to NTS Development Co., the court-appointed receiver managing the property. The building has 63 units.

NTS will also broker the sale of the building under the supervision of U.S. District Judge Charles R. Simpson, III in Louisville.

Except for the units that have already been sold to individual buyers, the entirety of the building will be marketed to investors in a single transaction, according to NTS.

Simpson approved NTS’ plan to sell the building on Dec. 17 and, on Wednesday, appointed three real estate appraisers to gauge the building’s market value, court records show.

“The property features innovative architecture, generously-proportioned residences, and exceptional amenities,” said Brian Lavin, principal broker for NTS Commercial Realty, Inc., in a press release.

Copyright 2016 WDRB News. All rights reserved.

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