Metropolitan National Bank filed a foreclosure lien Wednesday against 11.67 acres in the Woodbury residential community near Zion Road in east Fayetteville.
The party in default is Philip/Martin Development Partners, the original developers, also known as Mike Philip and Jeff Martin of Martin Custom Homes.
The bank loaned the partners $5.53 million on April 27, 2007, for the project, which was to include 63 detached houses and approximately 40 owner-occupied townhouses.
Units 1 through 16 in the development were not included the foreclosure, according to the filing in Washington County Circuit Court.
After the loan was modified in May 2009, the borrowers were to settle the debt by Sept. 27, according to the filing.
As of Feb ...
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