Johnston condo owners sue development
Posted on Monday, February 21st, 2011 at 4:20 pm
12 condominium owners filed a lawsuit last Monday after the Providence Point condo development in Johnston was foreclosed. The lawsuit alleges that Brent Haverkamp, owner of Haverkamp properties, including the Providence Point condominium complex, and Two Rivers Bank and Trust committed breach of contract and breach of fiduciary duty.
The foreclosure and lawsuit came after the condo’s original owner, Regency Homes, was unable to continue running the complex in April 2008. Haverkamp took control of the Providence Point property and converted it into an apartment complex. Two Rivers provided development loans and financing. Since Haverkamp became owner, residents at Providence Point have been unable to refinance their mortgages because of Federal National Home Mortgage regulations.
Contact the Des Moines contract lawyers of LaMarca Law Group, P.C. at (877) 327-2600 today, if you or someone you know has been the victim of breach of contract or another contract dispute in Des Moines.