BLOOMINGTON, Ill. – CEFCU has filed for foreclosure in state court on a $6 million member business loan it made as part of a downtown condominium development.
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The loan was granted to Merle Huff, owner of the Ensenberger building, and co-signed for by Ward Waller, the project’s developer. The two are embroiled in a lawsuit over control of the troubled project, for which just three of the 28 units have been sold. The two partners are fighting in court over allegations of breach of contract.
The $9 million project converted a seven-story former furniture building into a residential development.
