|By Edith Brady-Lunny, The Pantagraph,
Bloomington, Ill.McClatchy-Tribune Regional News
April 04, 2012--BLOOMINGTON -- A Bloomington hotel faces foreclosure on mortgages totaling $5.6 million.
Busey Bank was granted possession of the Parke Hotel & Conference Center in a petition filed March 8 in McLean County court.
According to court records, hotel developer and managing partner Larry Bielfeldt failed to make payments on two mortgages that total $5.4 million plus interest and fees. Listed as additional defendants who have an interest or lien against the property are the U.S. Small Business Administration for $3.5 million in loans and Hermes Sales & Service Inc. for a $1,160 mechanic's lien filed against the property.
Tim Howard, attorney for the bank, said the hotel will continue to do business while the foreclosure is pending. Hotel management did not oppose the petition for possession, he said, which allows the business to continue without interruption.
Bielfeldt is not involved in management of the business, said Howard.
The Parke Hotel & Conference Center opened in February 2008 at 1414 Towanda Barnes Road. Later that year, the hotel managed to pay off $1 million in liens filed by contractors and businesses involved in construction of the 70-room facility.
(c)2012 The Pantagraph (Bloomington, Ill.)
Visit The Pantagraph (Bloomington, Ill.) at www.pantagraph.com
Distributed by MCT Information Services