Wells Fargo Alleges Knollwood Apartments' Owner is in Default on $198 Million Loan

The bank has asked a federal judge to appoint a receiver for the investment group that owns 17 apartment complexes nationwide, to collect rent directly from tenants and make repairs.

It appears that Knollwood Apartments in the may be in a bit of hot water.

Wells Fargo Bank is alleging that the Hazelwood complex is one of 17 nationwide in default on loans secured on behalf of the apartments.

Wells Fargo wants receiver for each apartment complex. The receiver would collect rent from tenants and make repairs. Knollwood has 608 units and is located at 5370 Knoll Creek Drive, near Interstate 270 and Howdershell Road.

According to court filings, the $25.4 million mortgage on the Knollwood property is the second-largest of the 17 properties, all of which are owned by an out-of-state investor group consisting of Alliance PP2 FX2 Limited Partnership, Alliance Holdings Investments I, II and III and Babcock & Brown LP.

All-in-all, Wells Fargo alleges the owner of the properties is in default on a $198.6 million loan secured by the apartment properties, according to filing documents.


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