Business

CornerBank foreclosing on O'Rourke Title building

CornerBank of Winfield is foreclosing on the Colorado investors who owned the former O'Rourke Title building in downtown Wichita.

Cathy and Mark Jorgensen of Fort Collins, Colo., bought the building, at 229 E. William, in 2005.

The couple gave title to the building to CornerBank in January but still owe the bank for loans they took out.

According to the suit, they executed a note for $1.1 million and a mortgage for $910,000 on May 31, 2005. The couple executed a note for $1,100,000 on Dec. 10, 2005, and another one for $30,000 on Dec. 5, 2007.

CornerBank is seeking the $963,660 remaining on the loans, minus the $450,000 in consideration for the return of building, plus the value of unpaid rents and fees.

The attorney representing the bank could not be reached Friday. The Jorgensens also could not be reached.

The building, marketed by Grubb & Ellis/Martens Commercial Group, is for sale for $800,000.

Built in 1923, it has about 27,200 square feet on five floors.

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