There was a very interesting story in the Star Tribune today about a residential property development company called TJ Waconia. The story told in the newspaper is of the City of Minneapolis’s lawsuit against the company for some alleged shady real estate practices in north Minneapolis. Read the story at this link: “Minneapolis sues firm over mortgages: It’s personal”.
As it happens, TJ Waconia has a real estate property in Eden Prairie that has also gone bad. 26 of the 48 units at the Eden Lake Townhomes development on Cardiff Lane have gone into foreclosure recently and there appears to be some odd management moves behind the scene that may be the cause of the financial problems at the development. There’s more to story here, and we’re going to start asking some questions to figure out if there have been any crimes committed by the property owner.
