Prism property in foreclosure in Redevelopment Area PDF Print E-mail
Written by Joe Krakoviak   
Wednesday, 03 October 2012 21:34

The lender/trustee of a mortgage owed by Prism, the designated downtown redeveloper, has filed a foreclosure proceeding for property in the downtown redevelopment area. Wells Fargo, which started the proceeding in December 2011, according to court filings, alleges that Prism has not made a mortgage payment since June 2011 on the mortgage. The original loan was made in 2001 for $5.6 million. Prism acquired the property and assumed the mortgage in 2007. The court action asks to foreclose on the mortgage property, known as the Barton Press site, on Lakeside Street between the Edison National Historic Site and the town public works building. Below are some of the court filings:

Lis Pendens, a filing giving notice that a foreclosure proceeding has started
Amended Complaint 
Prism Contesting Answer

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