Southern Slope Apartments in foreclosure; auction set
BY ROBERT EVATT World Staff Writer
Friday, February 08, 2013
2/08/13 at 5:31 AM
Southern Slope Apartments, a 142-unit complex at 4334 E. 66th St., has entered foreclosure and will be auctioned off next week in a Tulsa County Sheriff sale.
The action stems from a recent ruling in favor of Credit Suisse First Boston Mortgage Capital in its Tulsa County District Court lawsuit against apartment owners Graoch Associates #56 LP, a Washington state-based entity, and Maintenance Supply Headquarters LP, a Delaware entity.
Southern Slope, scheduled to be auctioned Tuesday, has an assessed value of $4.5 million.
CSFB claimed the owners defaulted on a $5.2 million loan granted Oct. 30, 1997, due to failure to make monthly payments as well as a failure to maintain the property in accordance with terms of the loan.
The lender alleged the defendants owe a total of $5.64 million, including interest.
Southern Slope is managed by Price Edwards & Co. of Oklahoma City. Calls to Price Edwards were not returned.
Price Edwards operates a number of apartments in the region, including five in the Tulsa area.
Original Print Headline: Foreclosed apartments to be auctioned soon
Robert Evatt 918-581-8447
robert.evatt@tulsaworld.com
