Rumors have been circulating lately that real estate developer Eighteen Investments, and their real estate brokerage arm Bellington Realty, have hit hard times. They had been short selling a few buildings, including one I have reported on at 3155 Gustine, but nobody really seemed to know how deep the problem went. Until the St. Louis Post Dispatch reported on the situation this morning that is.
Apparently, the firm is currently being sued for $7.5 million by five St. Louis County banks, with various others foreclosing on a number of buildings. According to the Post, Eighteen Investments owns at least 260 properties in St. Louis County and my quick survey of tax records shows that they still own around 20 properties in St. Louis City. Obviously, this is all still unfolding, but the forecast doesn’t look good. Eighteen Investments could be yet another large local development firm to go up in smoke, just like Pyramid Construction and DHP Investments before it. Best of luck to all the folks at Bellington trying to work something out.
Check out the Stltoday Bellington article for more info.