Telesis Community Credit Union in Chatsworth, Calif. is continuing its recovery efforts on several out of state commercial real estate property loans that are in default.
The latest involves a Tennessee office building foreclosed on by Telesis five months after the developer defaulted on a $3 million loan. The $416 million credit union recently filed a second foreclosure notice on the property.
According to published reports, the Memphis Center City Revenue Finance Corp. is the owner of a mixed-use office building that houses several media publications. The $3 million loan was dated Dec. 7, 2007. Robert G. Williams, the principal, filed for bankruptcy a month after Telesis foreclosed on the property. The property is set for sale Dec. 27.
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