A real estate developer is set to buy a church that had been involved in a foreclosure fight with Evangelical Christian Credit Union for years.
The Tampa, Fla.-based Without Walls International Church is in negotiations to sell the property to the Richman Group for $12.6 million, several local media outlets reported.
In March, the church filed for Chapter 11 bankruptcy protection in March owing $29 million to the $1 billion Evangelical Christian in Brea, Calif.
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Plans are in place to build a multifamily apartment, the West Palm Beach, Fla.-based real estate development firm said.
The pending sale is the latest chapter in a saga involving Evangelical Christian, which approved a loan for Without Walls International in 2008 that subsequently, stopped making payments.
Evangelical Christian approved a mortgage modification to help the struggling church but to no avail. In October 2012, the credit union began foreclosure proceedings.
Evangelical Christian was not available to comment on the pending sale of Without Walls International.
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