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.