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No mortgage sale on Alpena Staples property

Submitted by on April 29, 2010 – 6:10 amNo Comment

The commercial property being leased by Staples in Alpena is in jeopardy of being foreclosed after the owners failed to pay their mortgage. 

A mortgage sale date of April 16 was adjourned until last Friday, but no one bid on the property on M-32 West.  The property is owned by D.J.P. Alpena LLC, a downstate company, and carries a hefty mortgage of $1.76 million. 

On or about May 14, the land will revert back to Bank of America which holds the mortgage.  D.J.P. Alpena has until October 23 to make good on the mortgage payments, refinance the loan or come up with another solution.  After that time the company will forfeit the property back to the bank.

True North Radio learned that a family member tied to the company called to inquire about the sale, but took no further action.  That could mean the company is working toward a resolution. 

A call to Staples corporate division was not returned.