Banks seeks foreclosure sale on proposed River District development
BATON ROUGE- A New York bank wants to auction the site of the proposed River District mixed-use development and additional real estate in New Iberia to collect $58.4 million it alleges it is owed by Lafayette businessman Michel Moreno.
The River District development is on 34 acres between downtown Baton Rouge and LSU.
The foreclosure action was filed by Goldman Sachs Bank USA on July 8 in federal district court in Lafayette.
The bank says in court document that Moreno used the property as security for a loan in 2013. The bank alleges Moreno has defaulted on the loan.
Jeffrey R. Fine, an attorney for Moreno in Dallas, declined comment.
The bank's attorneys are asking the court to order U.S. marshals to proceed with foreclosure sales of both properties.