realestate

Wright State University's real estate affiliate faces legal judgment

Foreclosure notices filed against four properties owned by Double Bowler, Wright State University's real estate arm.

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foreclosure notice has been filed against four properties owned by Double Bowler, Wright State University's real estate arm. According to Greene County Clerk of Court records, the notice was filed due to alleged nonpayment on a mortgage held by Sunflower Public Finance LLC. The total amount owed is $10.77 million.

    Wright State University is not involved in the foreclosure case, according to a university spokeswoman. In 2019, Double Bowler entered into mortgage and bond agreements with Sunflower for the properties, totaling over $10.8 million. However, Sunflower sued Double Bowler in May 2024, alleging nonpayment.

    A receiver was appointed to run Double Bowler in September 2024, citing substantial vacancies in two of the four buildings due to lack of pursuit of new tenants and needed repairs. The receiver reported that Wright State had been using some space but moved those uses back to the main campus. Sunflower moved for summary judgment and a decree of foreclosure in February, stating Double Bowler was in default with $10.56 million still due.

    The four properties involved are located at 3040 Presidential Drive, 2455 Executive Park Blvd., 2555 University Blvd., and 3100 Presidential Drive. The latter two were purchased from Fairborn Value Investments LLC in 2016 for a total of over $10 million. In 2019, the Ohio Inspector General found Double Bowler violated state law by improperly paying former U.S. congressman Steve Austria for lobbying without proper approval.

Wright State University affiliate faces legal judgment in real estate dispute.