Print edition: 
Fannie Mae has filed a foreclosure action against the New York-based owners of a Wichita apartment complex.
The suit, filed Jan. 19 in Sedgwick County District Court, alleges that owners Asher Sussman, Sunrise Family Partnership and Hamilton Family Partnership stopped payments last summer on a $6.06 million mortgage on Remington Park Apartments at 6801 W. Par Lane. The group purchased the 253-unit complex in the fall of 2008.
The suit claims that the owners failed to make the monthly $38,383.06 payment on the facility from July through October.
On Sept. 25, the defaults led Fannie Mae to issue a notice that the entire note was due, the suit indicates.
Sussman and the Hamilton partnership are based in Brooklyn. Sunrise was incorporated in Delaware.
Sussman did not return a call seeking comment. Fannie Mae's attorney, Jennifer Donnelli of Bryan Cave in Kansas City, Mo., said she could not comment without her client's permission.
Two apartment real estate analysts said Sussman's group paid a fair price for Remington Park in 2008. The group might have been victimized by plummeting property values, down as much as 30 percent in pending refinance cases.
Nationally, apartment investors face current challenges refinancing five-year mortgages in a commercial credit market that has virtually disappeared.
Veteran local broker Rod Stewart said the $24,000-per-unit sale price was a fair market deal.
But Tulsa apartment broker Aaron Hargrove said Sussman's group overpaid for a complex there in March 2008, $3.7 million for the 121-unit Birch Place Apartments in east Tulsa.
