The owners of a high-rise apartment building near Frick Park in Squirrel Hill have failed to perform about $250,000 in repairs to its parking structure, U.S. Bank National Association says in a foreclosure action filed Tuesday in federal court.
The Cincinnati-based company is acting as trustee for Morgan Stanley Mortgage Capital Inc., which loaned Walnut Towers Partners LP $6.15 million in September 2006 for the Walnut Towers building.
The security agreement attached to the mortgage allows the lender to declare a default if the owners fail to make the agreed upon repairs, the lawsuit says.
The lender declared a default on the mortgage in September and called in the note, which comes to about $6 million with fees and interest, the lawsuit says. Walnut Towers Partners has not paid the money, so U.S. Bank National is seeking a court order, the lawsuit says.
Daniel McKenna, the lawyer for U.S. Bank National, declined comment.
Todd Reidbord, president, and Gregg Perelman, CEO, of Walnut Capital couldn't be reached for comment Wednesday.
