More on the 88 Lafayette Avenue shell
The 88 Lafayette Avenue shell is the blog post that keeps on giving. Originally listed at $1.4MM and sold (?) for $1.1MM, it seems like a mortgage for $1.85MM has been taken out on this and two other properties by Stillwater Capital.
A quick google search of Stillwater reveals some less-than-wholesome tidbits. In late 2005, the Columbus Dispatch in Ohio reported on Stillwater, having said that the fund had invested more than half its portfolio in some of Columbus' poorest neighborhoods. To boot, there were almost $200K in unpaid property taxes.
It's also worth noting that some of Ohio's counties are leading the country in foreclosures...