Iberiabank seeking to foreclose on multiple condominiums worth millions

Kyle Barnett Jun. 11, 2012, 3:01am

Stephen P. Strochschein

BATON ROUGE – A regional bank is suing a Baton Rouge-based developer for allegedly defaulting on a $50 million loan.

Iberiabank filed suit on May 14 against Live Oak Circle Development, LLC in he 19th Judicial District Court.

Iberiabank claims it loaned $50 million to Live Oak Development in 2008 to develop numerous condominiums throughout Baton Rouge. The plaintiff claims the defendants defaulted on that loan and now owes them $1,479,451.56 in overdue payments and late fees.

The plaintiff claims it has the right to foreclose on 19 condominiums developed by Live Oak.

Iberiabank seeks $1,479,451.56 in damages plus legal fees and court costs.

The plaintiff is represented by Baton Rouge-based Stephen P. Strochschein of McGlinchey Stafford, PLLC.

The case has been assigned to Section 25 Judge Wilson Fields.

Case number 612054.

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