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December 10th, 2009 By | News | Posted In: News, Business, Financial Crisis

Student Housing Faces Foreclosure

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A private, off-campus apartment complex geared toward students and located just blocks away from the University of Cincinnati is facing possible foreclosure.

The Bank of America has filed legal action in the Hamilton County Court of Common Pleas against the owner of McMillan Manor, a five-story, 122-unit apartment building that opened in 2006.

Located near the border of Mount Auburn and Corryville, McMillan Manor was part of a comprehensive push to redevelop and update the area around UC, in order to provide improved housing, shopping and services for college students. The effort has since sputtered due to economic problems, leaving large parcels of land between McMillan and William Howard Taft, near Clifton Avenue, empty.

Court documents indicate that Bank of America is seeking $24 million in back-due payments plus interest from McMillan Manor’s owner.

The apartment project was developed by the JFP Group and Neyer Holdings Corp., and is managed by Ambling Management Co. of Valdosta, Ga.

McMillan Manor features furnished two-, three- and four-bedroom apartments surrounding a courtyard. Its amenities include a heated swimming pool, a large sundeck, club rooms and study lounges, a computer lab, gym, game room and parking garage.

Monthly rent at the complex generally ranges from $585 to $645 per person.





 
 
12.12.2009 at 02:26 Reply
People fall behind on their mortgage payments and face foreclosure for a variety of reasons. Most of them never wanted this to happen. They want to do all that they can to save their homes. You're paying your bills, but your landlord isn't. And you're the one holding the eviction notice. This is becoming an all too familiar scenario for thousands of renters nationwide who have become the unintended victims of foreclosures. Banks are booting good tenants onto the streets with little to no notice after seizing a property from a delinquent owner, ignoring tenant leases. Students are one of the major victims of this foreclosures. Perhaps, payday loans are good aids in times need.

 

01.23.2010 at 03:29
The Bank of America has filed legal action in the Hamilton County Court of Common Pleas against the owner of McMillan Manor, a five-story, 122-unit apartment building that opened in 2006. A private, off-campus apartment complex geared toward students and located just blocks away from the University of Cincinnati is facing possible foreclosure. I agree with you, maybe advance till payday will help in this situation.

 

12.30.2009 at 11:19 Reply
Why isn't the exact location reported? All too often the people in the media are ignorant of the area of which they report. What has the poor economy to do with this project? Has the enrollment at UC dropped? Maybe the writer of the article could rent one of these apartments and go back to school and learn how to write a complete and accurate article.

 

12.30.2009 at 11:32 Reply
Since my last comment, I found that McMillan Manor is in Mount Auburn. It is not accurately "Located near the border of Mount Auburn and Corryville" if it is not considered near the border of Clifton Height and Walnut Hill and Avondale. This project was ill conceived from the start. It is too far from U.C. I distinctly recall my reaction when they first started to tear down buildings for this building. My first question was "Why". Then I am sure the project was pushed with the stealth gentrification policies of the City of Cincinnati in removing poorer , mainly black, from inhibiting the tax producing efforts of the city under the name of progress. This project will eventually take millions of taxpayers dollars in bailing out the banks.

 

01.19.2011 at 03:04
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03.11.2010 at 05:59 Reply
"People fall behind on their mortgage payments and face foreclosure for a variety of reasons. Most of them never wanted this to happen." Yes, for most of the people this is true. But there were also irresponsible people, borrowing more than they could ever pay! Armand Rrod

 

03.24.2010 at 08:32 Reply
search [url=http://www.google.com] search [/url]

 

 
 
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