Fannie Mae sues owners of Detroit's Riverfront Towers, says they defaulted on $55M mortgage
9/26/2011DETROIT— An icon of the Detroit riverfront faces foreclosure, with mortgage giant Fannie Mae suing owners of the Riverfront Towers apartment complex for $70 million.
The Detroit News says owners of the 24-acre complex are in default on a $55 million mortgage, and Fannie Mae has sued in federal court to recover that money, plus fees.
The complex includes about 550 apartments, a 77-slip marina and a health club. Its two towers have 29 and 26 stories.
It was built by industrialist Max Fisher and developer A. Alfred Taubman.
The lawsuit doesn't involve a third condominium tower.
The Associated Press was unable to locate the owners for comment. Neither Montvale, N.J.-based Empirian at Riverfront LLC nor Monsey, N.Y.-based Aintsar Riverfront LLC has a telephone listing.