Fran Manor up for sale
The Fran Manor I and II apartment complexes in Marlinton should have a new owner soon. The owner of both properties defaulted on their government-provided loans and the properties have been listed for sale.
In 1982 and 1983, the Farmer's Home Administration loaned $864,170 to partnerships Marlinton Limited I and Marlinton Limited II to build the apartment complexes. The U.S. Department of Agriculture Rural Development agency (USDA-RD) now administers the loans. The purpose of the loan program is to provide safe, decent, affordable housing for low-income families in rural areas.
The general partner for both limited partnerships is Nu-Tech Housing Services, Inc., an Ohio corporation. Kathlyn Cozart, of Pickerington, Ohio, is listed as Nu-Tech's responsible officer in government documents.
In November 2010, Fran Manor I residents notified The Pocahontas Times that the apartment complex was in disrepair and that they had received little or no help from management to get problems fixed. The exterior of the building had obvious defects and the grounds had been neglected. Eleven of Fran Manor I's 16 apartments sat vacant -- some full of debris. Common areas were in poor condition and there had been no hot water in the laundry room for four years.
In February, officials with the USDA-RD confirmed that loans for Fran Manor I and II would be accelerated, due to the owner's failure to abide by property maintenance and occupancy conditions. Acceleration of a loan requires that the full unpaid balance be paid by a specified deadline.
The owners were unable or unwilling to pay off the loan balance and have defaulted. As a result, USDA-RD foreclosed on the loan and listed the properties for sale.
Sean Hamilton, a realtor located in Colorado, confirmed that he is the agent handling the sales of the Fran Manor properties. Hamilton said the sales would be "short sales," meaning that the properties will be sold for less than the outstanding loan balance.
"They're going to be short sales," he said. "We're trying to get them cleared up and be turned into more conventional apartments, so that they can survive and not get run down."
Hamilton said interested buyers can contact him at 303-916-8755 or by email at email@example.com.
At least one local buyer expressed an interest in buying the apartment complexes. The prospective buyer had Hamilton's contact information and said he was attempting to get details on the sale.