Big news for a crowded market.
Billy G. Jefferson Jr. is awaiting sentencing for a historic tax credit scheme and could be going to jail for up to 37 years. Mr. Jefferson also owned a lot of apartment building here in Richmond. Not surprisingly the banks are foreclosing on his properties, many of which are in the Fan, Carytown and Museum District. (See map above and hit the link below to be taken to interactive map.)
The scheduled foreclosure comes after two pieces of Jefferson’s River City Renaissance operations defaulted on a pair of mortgages held by Wachovia, now part of Wells Fargo, and backed by the apartment buildings.
The first loan was for $30.35 million issued to Jefferson’s River City Renaissance LC in 2005. That note is backed by 23 scattered rental complexes and includes the River City Court complex near Carytown. The second loan is a $6.30 million mortgage issued to River City Renaissance III LC and backed by six apartment buildings near the Boulevard.
Image: Richmond BizSense.com