Chapter 7 Bankruptcy Filed by Wisconsin Shopping Center

Friday

16

September 2011

The developer of Shoppes of Wyndham Village, in Franklin, Wisconsin, Mark Carstensen, has filed for Chapter 7 personal bankruptcy. The bankruptcy filing lists assets of $3.2 million and liabilities of $46.4 million. U.S. Bankruptcy Court documents also show a $19 million claim pending against Carstensen, owed to SB1 General Portfolio Owner LLC.

SB1, which is an affiliate of Greenwich, Connecticut-based Starwood Capital, has a foreclosure judgment pending in Milwaukee County Circuit Court against Carstensen and Wyndham Retail Village LLC, the investment group formed by Carstensen to develop the shopping center. The default occurred when a construction loan for Wyndham Village matured and Carstensen was unable to refinance it; the property has been appraised at $16 million.

In an article on www.jsonline.com (Milwaukee Journal Sentinel) by Tom Daykin, the shopping center was opposed by area residents who were seeking a more upscale venue. Another legal concern occurred over environmental issues. When Wyndham Village was first built in 2007, Carstensen paid $46,000 to avoid a federal lawsuit over the filling of a 0.26 acre wetland; he admitted no wrongdoing when settling the case.

In addition to the beleaguered Wyndham Village, Carstensen has developed several residential projects as well as a fitness center, cinema complex and apartments for seniors in Franklin.

For experienced and knowledgeable Chapter 7 or Chapter 13 personal bankruptcy assistance, trust the attorneys from Jacoby Meyers Bankruptcy Law who have helped over 56,000 consumers in the last three years discharge their debt. For your free initial consultation, please call 800-260-1402 for more bankruptcy information.

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