Receiver named for Detroit's Riverfront Towers

September 29, 2011 • Business

This Sept. 24, 2011 photos shows the Riverfront Condos & Apartments on Riverfront Dr. in Detroit. The apartment complex, an icon of the Detroit riverfront, faces foreclosure, with mortgage giant Fannie Mae suing its owners for $70 million. (AP Photo/Detroit News, Todd McInturf) DETROIT FREE PRESS [auth] OUT

DETROIT (AP) — A federal judge has appointed a receiver for an icon of the downtown Detroit waterfront after mortgage giant Fannie Mae sued owners of the 550-unit Riverfront Towers apartment complex for $70 million.

The lender says owners of the 24-acre complex are in default on a $55 million mortgage. The suit seeks to recover that money, plus fees.

On Wednesday, Judge Avern Cohn named Ronald Glass as receiver and barred transfer of the property or rent money.

The Detroit News says resident manager Peggy Evans told residents the building is safe and they may stay.

The Associated Press was unable to locate the owners for comment. Neither Montvale, N.J.-based Empirian at Riverfront LLC nor Monsey, N.Y.-based Aintsar Riverfront LLC has a telephone listing.

The complex also has a 77-slip marina.

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