Sorrento Run project set to be sold at auction

REAL ESTATE NOTES

December 22, 1991|By Edward Gunts

An article in Sunday's Business section about an auction involving the Sorrento Run houses in Baltimore County incorrectly identified members of the development group involved in the foreclosure proceedings.

Janice Strauss, who worked on the project as a consultant, is not a subject of the foreclosure proceedings and has no ownership interest in the project.

+ The Sun regrets the errors.

Sorrento Run, an 69-unit upscale "cluster housing" development in Brooklandville, is the latest Baltimore County housing project to go on the auction block.

FOR THE RECORD - CORRECTION

A. J. Billig & Co. Auctioneers has scheduled an auction for Jan. 8 at 1 p.m. to sell three partially completed homes and property with preliminary county approval for construction of up to 61 more. The luxury community is located off Falls Road just south of Old Court Road.

The auction is a foreclosure sale on behalf of Maryland National Bank, which initiated proceedings earlier this year against the developer, Sorrento Run Joint Venture. The partnership, which included Jay Weiss and Janice Strauss of the Ashley Group, has sold just five residences at Sorrento Run after more than a year of marketing and construction.

According to documents on file with the Circuit Court for Baltimore County, Maryland National agreed to lend the builders up to $9.36 million in the late 1980s. The joint venture owed the bank $5,340,167.74 as of Nov. 5, 1991, and interest was accruing at the rate of $1,299.89 a day, according to the court filings.

Sorrento Run had some of the most expensive attached housing in the area, with prices in the $350,000 to $450,000 range. It also had very wide housing, with 26 homes that were to be 40 feet wide or more.

Auctioneer Jack Billig said the houses at 1, 3 and 5 Sherborne Court have been finished on the outside but not on the inside, and will be offered for sale one at a time. The development parcel will then be offered separately, he said.

The sale will be conducted on the premises at the direction of Edward Levin and Jane Wilson, attorneys for Maryland National Bank.

Other attached-housing developments that have been auctioned this year following slow sales include the Cloisters at Charles near Towson, the Villages at Homeland, and the Washington Square town houses in Canton.

*

The Housing Authority of Baltimore City has received a federal grant of $3,137,280 from the U.S. Department of Housing and Urban Development to convert a five-story loft building in the 100 block of North Paca Street to 76 single-room occupancy units, Sen. Barbara A. Mikulski, D-Md., announced.

Associated Catholic Charities, the developer, plans to recycle the loft building to create residences for men and women who previously lived in homeless shelters. Its goal is to help the residents make a transition from living in shelters to living in permanent residences. Seven of the 76 units will be accessible to the disabled.

The money for the conversion is coming from HUD's Section 8 Moderate Rehab Single Room Occupancy Program. Probst-Mason is the architect for the project, which will be

Baltimore's third and largest SRO building. Associated Catholic Charities is also planning to create 24 apartments for the elderly inside the former Paca Street fire station on the same block and another building that would be constructed next to it.

*

The Maryland Housing Research Corp., a non-profit housing developer, has started construction of an 11-unit affordable-housing project in Baltimore's Washington Village neighborhood.

The two-bedroom residences are selling for $60,000 to $63,000, and monthly payments are as low as $427. The state of Maryland is offering mortgage loans at 5 percent interest to families earning less than $25,900 per year and at 7.25 percent to families earning less than $28,200 per year. No down payment is required with these loans. Other financing is available through the state and several area banks for families and individuals earning more than $28,200 per year.

More information is available from the Maryland Housing Research Corp. at 747-9460.

*

Around the region:

* A plan by RTKL Associates to guide development in downtown Raleigh, N.C., earned a merit award from the International Downtown Association and an Outstanding Planning Implementation Award from the Maryland chapter of the American Planning Association.

* David Meacham, vice president of ERA Image Realty in Columbia, has been selected as chairman of the Broker Council of the Central Maryland District of Electronic Realty Associates. The district includes the 13 ERA offices in Howard, Anne Arundel, Baltimore and Howard counties, with more than 230 sales associates.

* Northeastern Plumbing Supply has purchased the Doxsee Building, a 95,000-square-foot office and warehouse complex at 8323 Pulaski Highway in Baltimore County, for $1.75 million. Richard Williamson and Howard Chertkof of Howard L. Chertkof & Co. represented the seller, Borden Inc. Scott Skogmo of W. C. Pinkard & Co. represented the buyer.

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