Detroit’s Riverfront Towers Complex Faces Foreclosure

Detroit's Riverfront Towers Complex Faces Foreclosure One of the most prominent residential complexes in Detroit is facing a foreclosure proceeding initiated by Fannie Mae.

The Detroit News reports that the 24-acre, 550-unit Riverfront Towers is at the center of a lawsuit filed by Fannie Mae, which was assigned the mortgage for the complex in 2008. Fannie Mae claims that the unpaid balance on the loan, as of Sept. 2, was $55 million plus $882,143 in interest. With the addition of late fees and related charges, Fannie Mae says it is owed $69.6 million.

Fannie Mae has asked the U.S. District Court in Detroit to name a receiver that will be in charge of finding a new buyer for the Riverfront Tower while handling ongoing repairs and rent collection.

The Riverfront Towers opened in 1983 as part of an effort to revitalize the ailing downtown Detroit. It has been home to several prominent figures, including civil rights leader Rosa Parks, former Detroit Mayor Coleman Young and Detroit Red Wings hockey star Bob Probert.

(Photo courtesy Michael Russell)

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