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million during a foreclosure sale on thestep Thursday. The bid was entered by A.G. Seifert, managing directo of the real estate finance groupfor 's Chicag office. There were no subsequent The sale was conducted by FordNelson Jr. of , who spenft about 30 minutes reading a legal description of the property beforre openingthe bidding. The shopping center, at 8600 Ward Parkway in Kansazs City, previously was owned by one of severa l partnerships formedby , a New York opportunity fund operator; and a retail real estate investment trusty based in Beachwood, Ohio. In 2003, Babson pareny of Springfield, Mass.
, financed the partnership’s purchase of the Developers Diversified owns a 20 perceng stake and Coventry an 80percent stake. On Jan. 2, a $35 millio loan on the shoppingcenter matured, and on Jan. 6, the lendefr sent the owners a formal noticedof default. On Feb. 17, anotherd Coventry-Developers Diversified partnership that owns the stalledc Merriam Village shopping centerf in nearby Johnson County received a defaulgt notice ona $17 million land loan that had matured on Jan. 20. Foreclosuree proceedings have not been announced forthat project, however.
Robim Lybarger, a spokeswoman for Developers Diversified, said March 10 that the foreclosurs resultedfrom “our majority partner’e failure to fund a mortgage Developers Diversified’s local holdings include , in Leawood and in Overland Park.
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