The Suson Pines Apartments in south St. Louis County will be put up for sale as part of a legal dispute between the apartment's owner, an affiliate of Gannon International, and its lender, PNC Bank.
Suson Pines, located at 5265 Suson Hills Drive, has 336 units.
PNC filed a lawsuit in April alleging an affiliate of Creve Coeur-based Gannon is in default on a promissory note that is secured by the property and owes the bank $13.2 million in principal and interest.
Judge Thomas Mummert III appointed Brentwood-based MLP Investments as a receiver for Suson Pines earlier this year. On Oct. 7, the judge approved MLP's motion to place Suson Pines Apartments for sale. Commercial real estate firm CB Richard Ellis has been tapped to market the property.
In a separate lawsuit filed this year, PNC Bank alleged Gannon defaulted on a $5.7 million loan secured by Springwood Apartments in north St. Louis County and failed to properly maintain the apartments. After MLP was appointed receiver for Springwood, it was acquired by an affiliate of St. Charles-based Devault Construction in August for $2.6 million.
In addition to Suson Pines, Gannon owns nine apartment properties in the St. Louis area.
Read more from Lisa Brown, who covers banking, consumer products and legal affairs for the Post-Dispatch. Follow her on Twitter @lisabrownstl and the Business section @postdispatchbiz.
