Citigroup Global Markets Realty Corp. has filed a foreclosure case against the development group that was planning to revitalize the waterfront in Baltimore's Westport community.
Companies affiliated with developer Patrick Turner borrowed $30 million from Citigroup in 2007 to finance a massive mixed-use development along the Middle Branch of the Patapsco River's western shore, just south of Interstate 95.
In a court filing last week, Citigroup alleged that Turner's companies owe $31.8 million on that loan and therefore the bank is moving to foreclose on the property.
Citigroup appointed local trustees for the land in July, signaling that they were considering a foreclosure filing.
Turner, who did not immediately respond to a request for comment Monday, said in September that he is seeking new financing and still intends to move forward with the urban renewal project.
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