Student Housing Faces Foreclosure

Dec 10, 2009 at 4:28 pm

A private, off-campus apartment complex geared toward students and located just blocks away from the University of Cincinnati is facing possible foreclosure.

The Bank of America has filed legal action in the Hamilton County Court of Common Pleas against the owner of McMillan Manor, a five-story, 122-unit apartment building that opened in 2006.—-

Located near the border of Mount Auburn and Corryville, McMillan Manor was part of a comprehensive push to redevelop and update the area around UC, in order to provide improved housing, shopping and services for college students. The effort has since sputtered due to economic problems, leaving large parcels of land between McMillan and William Howard Taft, near Clifton Avenue, empty.

Court documents indicate that Bank of America is seeking $24 million in back-due payments plus interest from McMillan Manor’s owner.

The apartment project was developed by the JFP Group and Neyer Holdings Corp., and is managed by Ambling Management Co. of Valdosta, Ga.

McMillan Manor features furnished two-, three- and four-bedroom apartments surrounding a courtyard. Its amenities include a heated swimming pool, a large sundeck, club rooms and study lounges, a computer lab, gym, game room and parking garage.

Monthly rent at the complex generally ranges from $585 to $645 per person.