Karmel Mall owner faces foreclosure suit over Mpls. apartments

Karmel Mall owner faces foreclosure suit over Mpls. apartments

This story comes to you from The Minnesota Star Tribune through a partnership with Sahan Journal.Two of developer Basim Sabri’s south Minneapolis apartment buildings are facing mortgage foreclosures because they allegedly failed to make more than $530,000 in required repairs.Fannie Mae, a mortgage company sponsored by the federal government, on Friday sued to foreclose on Rana Village and Karmel Village.Fannie Mae is asking Hennepin County Distr…

Fannie Mae files foreclosure suit regarding south Minneapolis apartments

The suit is in regard to apartments developed by Basim Sabri, who owns Karmel mall. Sabri contests many of the allegations in the suit made by Fannie Mae, mortgage holder on the two apartment buildings. Fannie Mae says in the suit the buildings need more than $500,000 in repairs.