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.