Student housing project object of foreclosure action

A lender has begun foreclosure proceedings against a pair of university student housing projects in Oconee County.  Court documents filed for U-S Bank National Association name the High Pointe and the Pier housing projects as defendants.  At issue in the documents is a promissory note of a loan amount of $33.5 million dollars.  The foreclosure pleadings allege that the borrower failed to pay the monthly debt service payment on the payment date each month starting in March 2020 and “each and every month thereafter.”  The plaintiff, U-S Bank National Association, seeks a judgment for an amount to be determined by the 10th Circuit Common Pleas Court and the appointment of a receiver to take possession of the property.  Ten years ago Oconee County Council approved a special source revenue bond to allow the developers to access funds to pay for infrastructure work, but the county is not named as a party in the court proceedings.