Foreclosure Auction Set for Prime Residential Land on Popular Hoover Reservoir Shores

WESTERVILLE, Ohio, Nov. 7, 2020 /PRNewswire-PRWeb/ -- A 30.5-acre tract of Genoa Township land with dock access to Hoover Reservoir has gone up for foreclosure auction eight years after a Columbus developer acquired the property for residential development.

Columbus auctioneer Rich Kruse will manage the Dec. 2 auction of the development-ready properties at 4485 and 4461 Old 3C Highway South to settle a foreclosed loan against Northgate Land Co. and GSCS Holding LLC, both affiliates of Columbus developer Patrick Shivley.

Dublin businessman Richard Germain extended a loan to Northgate Land Co. in January 2018. Germain received a $420,975 foreclosure judgment on that loan, with costs continuing to acrrue, in Franklin County Common Pleas Court in March 2019 after the borrower failed to pay back the loan. The lender took the certificate of judgment to Delaware County Common Pleas Court in April 2019, resulting in the judgment lien against the property.

Records show GSCS bought the in the late 2012 purchase for $1.2 million. The property in Genoa Township was split into 11.2- and 19.3-acre parcels in early 2017, according to the Delaware County Auditor's website.

Nearly 26 acres of the land is platted and zoned Planned Residential District for 29 residences, allowing quick turnaround for a developer or homebuilder buying the property.

Delaware County Commons Pleas Court Judge David Gormley appointed Kruse as Private Selling Officer to sell the property in early March. But the ensuing COVID-19 pandemic delayed the scheduling of an auction as a result of a moratorium on residential property foreclosures at that time. (The property has a cabin on it, part of which dates back to 1901, according to the Delaware County Auditor website.)

Kruse has partnered with Zane Fry, Director for the Cushman & Wakefield brokerage's Columbus office, to lead the marketing efforts ahead of the auction. Kruse and Fry have co-marketed a number of properties in the past including the auction of the former Electronic Classroom of Tomorrow (ECOT) building that was sold at auction in June 2018 to the Columbus City School System.

Kruse serves as managing partner of Gryphon USA, Ltd., and oversees the affiliated Gryphon Realty real estate brokerage and the Gryphon Asset Management receivership and asset management practice. His engagements primarily focus on complex state and federal legal matters, Private Selling Officer transactions and business insolvency.

Zane has marketed properties through Cushman & Wakefield for more than 12 years. His knowledge and diverse real estate experience serves him well as a Director specializing in Investment Services.

More information regarding the property can be found here http://www.gryphonusa.com.

Property Background:

• Otterbein College had once leased the property for its equine sciences education program before establishing new equine facilities closer to its main campus 11 years ago at 600 Spring St. in Westerville.

Private Selling Officer Auction Background:

• Private Selling Officer sales are new to Ohio being established in 2017. The statute allows lenders to request a qualified Ohio real estate auction professional to undertake the judicial sale in lieu of the county sheriff. Refer to Ohio Revised Code 2329.152 for more information.

SOURCE Gryphon USA, Ltd.