Md. projects by Pa. developer in foreclosure

April 12, 1991

The crash of the Baltimore-Washington area's commercial real estate market has pushed three Maryland projects owned by Philadelphia-based Rouse & Associates Inc. into foreclosure, the Daily Record reported yesterday.

The three projects -- one each in Columbia, Hunt Valley and Laurel -- are slated to be put up for sale in separate, not-yet-scheduled public auctions, Claiborn M. Carr III, regional manager for the development company, confirmed. He acknowledged that the company has defaulted on more than $36.5 million in loans for the projects but said negotiations with Maryland National Bank on restructuring the debt are continuing.

Rouse & Associates is headed by Willard Rouse, a nephew of James Rouse, but it is not affiliated with either the Rouse Co. or James Rouse's Enterprise Development Corp. The Philadelphia company has developed more than 3 million square feet of office space in Maryland since the mid-1970s, Mr. Carr said, and still operates more than 2 million.

The foreclosure actions affect these projects:

* Longview Executive Park in Hunt Valley, in default by more than $16 million. Only half of the 140,000 square feet in the project is leased.

* The second phase of Three Ponds Business Park at the Columbia Gateway Office Park, on which Rouse & Associates owes more than $9.2 million. While the first phase of the project is nearly full, the second has leased only about 10 percent of its 150,000 square feet.

* Maryland 95 Corporate Park in Laurel, in default by more than $11 million, with only 10,000 of its 50,000 square feet occupied.

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