Business

Bank sees foreclosure on East Wichita apartments

Wells Fargo Bank has filed suit seeking to foreclose on an apartment complex on East 17th Street.

Missfitz Property Investors, 1514 E. 17th St., defaulted on payments on the $1.6 million loan taken out in 2006. The bank is seeking more than $2.1 million in principal, interest and fees.

The property, just east of the Canal Route, is a 66-unit apartment complex called University Gardens. It is also called McAdams Apartments.

The complex's manager said that 10 of the complex's units are closed, while nine others are available but vacant. The rest are rented.

Tom Gilman, the attorney representing the complex's owner, Melissa Fitzwater of Wichita, said they are negotiating with the bank over how to resolve the foreclosure action.

Jennifer Donnelli, the attorney representing the bank, declined to comment.

Wells Fargo is representing the owners of a series of commercial mortgage bonds.

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