Developer, Lender Pointing Fingers As Unsold 75% Of Condo Units In Upscale Tower Fall Into Foreclosure

In Cincinnati, Ohio, the Cincinnati Enquirer reports:

• Foreclosures proceedings are under way for the high-end condominium development Overlook at Eden Park. But the development firm behind the multi-million dollar project, Covington-based Joshua One, argues that the lender is to blame for the financial unraveling of the project, according to court documents filed in Hamilton County Common Pleas Court. So far, six of the 24 condos have been sold. Prices range from $500,000 to $3 million.

• In a motion filed Nov. 12, Bank of America claimed that Joshua One Development mismanaged its construction budget for the 13-story condo tower, which caused delays and led to unpaid bills for the project.

For more, see Condo high-rise in foreclosure.