AnchorBank FSB has filed a mortgage foreclosure lawsuit in Waukesha County Circuit Court against Maplenut Ltd. Partnership, Pewaukee, and the development firm’s principals, Raymond Perry and Jim Forester.
The lawsuit alleges that Perry and Forester, two former executives at Wauwatosa Savings Bank, which is now known as WaterStone Bank, defaulted on a $2 million construction loan for a 9,000-square-foot building at 1463 Capitol Drive in Pewaukee. The building is part of the Meadow Creek Market complex near the intersection of Highway 164 and West Capitol Drive.
According to the lawsuit filed by Milwaukee’s Mallery & Zimmerman SC on behalf of Madison-based AnchorBank, Maplenut Ltd. owes $1.86 million in principal and interest payments.
Forester said Maplenut is refinancing the loan with AnchorBank and expects the lawsuit to be dismissed in a few weeks.
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Tags: Development Firm, Maplenut