Oklahoma real estate manager Lew McGinnis may be on his way to losing another Wichita apartment complex.
All America Bank of Mustang, Okla., has filed to foreclose on Madison Park Apartments, 3625 W. 13th St.
The suit names as the main defendants JU Madison Park Apartments, McGinnis and his wife, Jennifer Price.
The bank contends it is owed $346,465 on the mortgage and the interest.
A lawyer representing the bank had no comment Tuesday. McGinnis could not be reached.
McGinnis has seen his real estate empire suffer over the past year.
FAA Credit Union, which has a branch in Oklahoma City, last year filed to foreclose on River Park Plaza Apartments, 400 W. Central, and Villa Del Mar Apartments, 550 N. Nims. It is seeking more than $15 million.
Last year Macco Properties, McGinnis' company, filed for bankruptcy in Oklahoma City listing $50 million in assets, including the apartment complexes in foreclosure.
The two McGinnis companies that owned Riverpark Plaza and Villa Del Mar apartments declared bankruptcy last year in Oklahoma City.
He is also being sued by groups that have bought apartment complexes from him.
Fannie Mae, the agency that buys and resells mortgages, filed suit last year to foreclose on the Siena Court Apartments, formerly named Ashbury Court Apartments, 1940 S. Woodlawn.
Fannie Mae claimed the owner, 1 Ashbury Court Partners of Bellevue, Wash., owes $2.8 million. The partners who make up 1 Ashbury Court Partners bought the complex from McGinnis in 2008 and complained that it didn't generate the cash flow he promised and needed extensive repairs.
The Linwood Group, Brooklyn, N.Y.-based investors, bought the 360-unit Linwood Apartments, 2008 S. Hydraulic, in 2008. The group filed suit against McGinnis last year alleging he understated expenses and inflated revenue, profits and occupancy, making it impossible to generate the anticipated return on the investment.