Hunter
04/18/25
High-rise downtown Iowa City developments are scheduled to be liquidated by a sheriff’s sale after the developer and his associates have allegedly defaulted on approximately $28 million in loans.
Corridor Business Journal reports a court ruled in favor of GreenState Credit Union, who claimed the group owed money stemming from six different loans spanning from 2016 to 2023, and filed a motion for summary judgment.
GreenState filed a foreclosure suit February 4th against developer Marc Moen and his associates for defaulting on loans for several properties, including the Chauncey on East College Street, Plaza Towers on East College, Park@201, referred to as Central Park Real Estate on East Washington Street, Moen-Jett Real Estate on East College, and the parking lot adjacent to the downtown Starbucks on East Burlington Street.
The CBJ also reports the ruling allows the credit union to recover collateral from theGym – located in the Ped Mall and referred to in court documents as “The Iowa City Health Club LLC.” According to court filings, the collateral includes “inventory, chattel paper, accounts, equipment, general intangibles, consumer goods and fixtures.”
Moen previously served on the board of directors at GreenState from 2013 to 2023.
A date for the sheriff’s sale in the April 16th court decree has not been scheduled.
The full article is available at corridorbusiness.com.