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Published: Tuesday, 4/27/2010

PNC Bank forecloses on Executive Towers

A signature high-rise apartment building near downtown is in foreclosure and is under new management.

PNC Bank, the successor to National City Bank, has filed the foreclosure action against Executive Towers LLC, seeking repayment of an outstanding $3.9 million loan against the 149-unit apartment building.

Tenants of the building at the intersection of Collingwood Boulevard and Madison Avenue, near the Toledo Museum of Art, are unlikely to be affected, a spokesman said. The building is now managed by McKinley Inc. of Ann Arbor.

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