ST. LOUIS — Simmons Bank is suing to take control of two apartment complexes owned by Pennsylvania-based TEH Realty, the latest in a series of setbacks for the company.
The Arkansas bank on Jan. 30 filed suit against TEH entities that own Blue Fountain Apartments, 818-819 Gustav Ave. in the city of St. Louis' Baden neighborhood, and The Woodlands Apartments, 10032 Neville Walk in North County. Both lawsuits seek a receiver — Sansone Group — for the properties.
TEH owes more than $1 million on a note tied to Blue Fountain, according to the lawsuit. More than $44,000 in back real estate taxes and $15,000 in sewer bills are due as well, the suit said.
The Woodlands litigation said the bank was owed $4.4 million, and that TEH has failed to pay $321,663 in real estate taxes and $78,037 in sewer bills. It also hasn't complied with a liquidity covenant stipulated by the bank loan, the other suit said.
TEH officials couldn't be reached.
Simmons is represented by Wendi Alper-Pressman of Lathrop GPM.
Alper-Pressman in December got a city judge to put the troubled Southwest Crossing apartment complex, also owned by TEH, into receivership. Sansone now runs that facility, in Carondelet.
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