A state judge in Florida reportedly green lighted a foreclosure sought by Fannie Mae against seven apartment complexes in West Orlando, the OrlandoSentinel reported this week.
The apartments have long been in need of repair, the paper writes.
Circuit Judge Alice Blackwell ruled against the apartment’s owner after the firm defaulted on $18.2 million in loans.
Early on, the owner bought the communities with plans to launch a $45 million renovation, but failed to obtain the government financing needed, writes OrlandoSentinel reporter Mark Schlueb.