Bank has launched two lawsuits against Jim Brogno for non-payment of mortgages on pair of local apartment complexes
A Sault Ste. Marie landlord who has racked up hundreds of thousands of dollars in unpaid fines over fire and building code violations also stands to lose two of his apartment complexes in a pair of lawsuits launched by CIBC.
CIBC is eyeing possession of both properties — listed in court filings as 342-346 John Street and 634 Connaught Avenue — as part of the two lawsuits. The bank is also seeking interest on the defaulted mortgages and legal costs.The John Street complex — which was previously the site of John Wesley United Church before being converted to apartments — was initially acquired by a numbered company listing Brogno as its principal with the aid of two mortgages supplied by CIBC.
According to a real estate listing, the 21-unit complex known as John Wesley Apartments is currently on the market for nearly $3 million and is being touted as an investment opportunity in a "great central location" close to many amenities. The debt stems from defaults on the first mortgage and two loans that were secured through the second mortgage on the property.
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