Brand New 164 Unit Madison Condo Tower Faces Foreclosure

In Madison, Wisconsin, the Wisconsin State Journal reports:

• The second phase of Downtown Madison 's largest private housing project is in default to the tune of more than $26 million, its lenders said in court documents that seek foreclosure of its three mortgages. The fate of the newly completed Metropolitan Place II, a 164-unit condominium tower facing West Mifflin Street, could indicate that national housing trends are reaching Madison, thought by some to be more immune than most places to twists and turns in U.S. economy. [...] According to city property records, only 61 of the building 's 164 units -- about 37 percent -- have been sold.

Reportedly, Metropolitan Place II developer Cliff Fisher and his company, Buckingham LLC, currently has two other major apartment projects before the city of Madison for consideration. For more, see 2 banks seek foreclosure on Metropolitan Place II.

For story update, see Metro Place II may soon get back on track. (3-7-2008)