Bank starts foreclosure for Franklin condo project

Source: Front page of real estate section Milwaukee Journal Sentinel 1/25/09

Marshall & Ilsley Bank has filed for foreclosure action against the developers of a major condominium project in Franklin.  In the lawsuit, the bank says it is owed almost $4.6 million plus interest of almost $35,000 a day as well as late fees for 52 units in four buildings that are a part of the Franklin Oaks development.  The development was approved in June 2003 for a 50-acre property bound by S. 27th St. on the east, S. 35th St. on the west, Drexel Ave. on the north and Plaza Drive on the south.  In total, the development was to have 144 condominium units in multi-unit buildings and 45 two-unit buildings.  The lawsuit lists these defendants: Franklin Oaks Partners LLC, Franklin Oaks Condominium Association; Gerald Klamrowski; Jeffrey Klement; and Christopher and Linda Allessi.  The suit is foreclosing on five units in a building at 2955 W. Drexel Ave.; 23 units in a building at 2849 W. Drexel Ave. and 15 units in a building at 2827 W. Drexel Ave.