Creditor files foreclosure on Flats at Wick student housing
Creditors have filed a foreclosure notice on the YSU Flats at Wick student housing complex claiming its developer is more than $5 million behind on payments.

YOUNGSTOWN, Ohio - Creditors have filed a foreclosure notice on the YSU Flats at Wick student housing complex claiming its developer is more than $5 million behind on payments.
U.S. Bank National Association, the trustee for Morgan Stanley, filed a complaint for foreclosure against Flats at Wick and its registered agent, Youngstown Developer Dominic Marchionda.
The complaint alleges that as of April 1, $5.2 million was still owed on a $5.5 million loan for the 112-bed Flats at Wick that opened on Madison Avenue in 2010.
At the end of March, the lender granted an extension until April 5 to pay the loan in full.
The Mahoning County Treasurer is also named as a defendant in the civil lawsuit.
No hearing has been scheduled in the case.
The Flats at Wick development is just one of Marchionda's Youngstown projects cited in a 67-count indictment handed up last year.
Marchionda has denied allegations that he improperly secured money from Youngtown's Waste Water Fund to aid construction of the Flats as well as several other developments.
He faces charges of theft, receiving stolen property, falsification, record tampering, telecommunications fraud, money laundering, and engaging in a pattern of corrupt activity.
Marchionda has denied the allegations in the indictment.
The next hearing in the criminal case is set for May 31.