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Willowick officials report Shoregate Towers in active foreclosure; receiver managing property, no new leases
Summary
Law director Mandy Burts told council the Shoregate Towers property remains in foreclosure, a court-appointed receiver is reviewing financial records and the owner is not issuing new leases; roof replacement work has begun, but the receiver and Fannie Mae will determine long-term plans.
Willowick Law Director Mandy Burts said Shoregate Towers remains in active foreclosure and that a court-appointed receiver is overseeing the property’s financial records and management.
Burts told council the foreclosure process is in the discovery phase (document exchange) and that a receiver has begun replacing roofs. She said the receiver is not issuing new leases and that Fannie Mae’s position will figure into decisions about rehabbing or reconditioning the building.
Why it matters: The condition and…
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