Apartment, condo complex slated for auction Aug. 27

August 14, 1993|By Timothy J. Mullaney | Timothy J. Mullaney,Staff Writer

A condominium and apartment complex near the border of the city's Hampden and Roland Park neighborhoods will go to auction Aug. 27, following an Ohio-based partnership's default on a multimillion-dollar loan from Westinghouse Electric Corp.

The 285-unit Roland Ridge apartments and 33 units of the Highpointe condominium will be auctioned to help satisfy a debt that had grown to $14.4 million by July 1. No payments had been made since March 1991, according to papers filed in Baltimore Circuit Court.

Falls Bridge L.P. originally borrowed $11 million from the former Union Trust Co. in 1986, but that note was assigned to Westinghouse as part of a $13.2 million loan the Pittsburgh company made in 1988. The Westinghouse loan was expanded to $17.6 million in February 1990.

Westinghouse said in court papers that it expects to buy the property at auction itself. A local attorney representing Westinghouse said the company would have no further comment. Falls Bridge general partner James H. Callard couldn't be reached yesterday.

The condominiums, converted from the old Cole-Mar apartments, were marketed on the basis of their low price. The units sold at $50,000 to $60,000.

But low prices were not enough to make the project viable, said Jenifer Stick, an appraiser and condominium expert for Lipman, Frizzell & Mitchell in Lutherville.

Nearly 130 condominiums are on the Baltimore market for less than $65,000, she said. And many are in full-service buildings or in better locations than Highpointe, which is just south of Cold Spring Lane, tucked between Interstate 83 and Falls Road, she added.

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