Fourth Columbus “Wentwood” Owned Property Placed in Receivership

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Gryphon Asset Management and its principals Richard and Melissa Kruse have been appointed as receiver and ordered to take control of Reflections Apartments on Columbus, Ohio’s north side near I-71 and Rt. 161.

Gryphon Asset Management and its principals, Richard and Melissa Kruse, have been appointed as receiver and ordered to take control of Reflections Apartments on Columbus, Ohio’s north side near I-71 and Rt. 161. Reflections is the fourth complex from this ownership group placed into receivership in the past 3 years and the third project assigned to Gryphon. Others include Eastland On The Lake and Breckenridge Apartments. Eastland was sold through Receivers Sale and Breckenridge is currently in contract and pending sale.

The Complaint in Foreclosure was filed on behalf of KeyBank and against Reflections owner, Wentwood Laurel Lakes I, LP, in Franklin County case # 12 CV 001045, on January 25, 2012 along with a Motion for Appointment of Receiver. On March 9, 2012 Judge Michael J. Holbrook found that a receiver was warranted and appointed Gryphon to take immediate control of the complex.

Reflections Apartment Community is comprised of 457 residential units in 30 buildings spread over 30.25 acres and is approximately 81% occupied. Gryphon’s partner, Borror Properties, will assist as interim property manager effective immediately.

About Gryphon USA, Ltd.
Gryphon USA, Ltd. is a multi-faceted asset management firm focusing on the operations and dissolution of single assets through and including entire companies. Gryphon maintains a receivership and asset management group (Gryphon Asset Management – http://www.gryphonusa.com) real estate brokerage practice and commercial auction/appraisal group (United Country Gryphon Realty & Auction Group – http://www.gryphonauction.com), art, antique and pottery auction group (Belhorn Auctions – http://www.belhornauctions.com) and real property management group (partnered with Borror Properties – http://www.gryphonborror.com).

Melissa M. Kruse oversees the day to day operations of the parent company, Gryphon USA, Ltd. while Gryphon Asset Management operations are managed by Richard F. Kruse. Auction operations are directed by Peter Gehres. The property management partnership is maintained by Lori Steiner.

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