filed a bare-bones bankruptcy petition Monday, listing assets of no more than $50,000 and liabilities ranging from $1 million to $10 million.
BRMK Lending LLC, a specialty real estate finance company, had moved to foreclose after making a nearly $7.6 million loan to Legacy Lofts in 2018.Property records shows Legacy Lofts sold only three of the 19 units to individual buyers before completing two bulk sales to Mission-based Esaad LLC — including just days before the foreclosure notice was recorded.
Limitless Creations Inc. is listed as Legacy Lofts’ manager. Robert Melvin, CEO for both companies, originally envisioned Legacy Lofts as a 27-unit condo development in a mixture of four- and eight-story buildings that would have a “New York kind of warehouse district feel.”Melvin declined to comment, directing questions to his bankruptcy lawyer. Attorney Allen DeBard didn’t respond to a request for comment.
I’m sure inflation and higher cost of every building supply had a lot to do with it. Thanks Biden for the inflation and doing absolutely nothing to stop it