Regency Tower, a 14-story luxury condominium going through foreclosure, may have a new owner soon.
An April 4 update filed in U.S. District Court for the Western District of Kentucky recommends that a judge approve the sale of Regency Tower to Regency Tower Acquisition for $9.025 million. Regency Tower Acquisition is a subsidiary of Louisville-based Underhill Associates, according to the Kentucky Secretary of State website.
The principals listed are Todd Underhill, Jeff Underhill, Matt Willinger, Colin Underhill, and investor John Schutte.
Insider Louisville reported in January that the condo tower, located at 6600 Seminary Woods Place off Brownsboro Road, was on the market after going into foreclosure in 2013. The court appointed Louisville-based real estate business NTS Development Company to collect bids on the property. The minimum bid required was $2.7 million.
When reached, Colin Underhill, a partner with Underhill Associates, declined to comment for the story. The company is well known locally as the former owners of Westport Village and developers of Germantown Mill Lofts and Heritage Green.
Underhill Associates “has acquired a significant financial interest in the parcel contiguous to Regency Tower,” the court document states, and has the experience to develop it as well as the financial capability. If approved, the company plans to close on the property within 30 days following a 30-day due diligence period.
The second highest bidder with $9 milllion was a Louisville, Colo.-based company called Arsenault Holdings. It is owned by entrepreneur Marcel Arsenault, who runs the real estate firm Real Capital Solutions.
Arsenault Holdings would buy the building if the court denied NTS’s recommendation.
The court documents do note a few conflicts of interest. Brian Lavin, president and CEO of NTS, is Colin Underhill’s father-in-law, and NTS is a third-party property manager for three of the properties owned by one of Regency Tower Acquisition’s principals.
The documents also reveal some of the process NTS went through to market the property. It sent “Eblasts” to more than 600 potential buyers, received 34 confidentiality agreements, conducted more than 20 property tours, and received five preliminary offers.