Business & Tech
Judge: Radisson Investors Must Pay Back Loan
The ruling also pins most of the payback on the majority owner of the investor group.
The village of Menomonee Falls received a big legal boost Wednesday in efforts to recover about $15 million still outstanding on its loan to developers of the Menomonee Falls Radisson Hotel.
JSOnline.com reported that a judgment in Waukesha County Circuit Court in the village’s favor determined:
- Lodging Investors of Menomonee Falls LLC does indeed owe the village the balance of the $17.65 million loan.
- The majority owner of Lodging Investors, Jim Heyden, is primarily responsible for the loan.
Controversy has swirled around the 2010 loan, on which the investors almost immediately defaulted. The hotel has been in receivership, a restraining order against Heyden kept him from setting foot on the property and a new taxpayer group formed to prevent such loans in the future, just to name a few of the developments.
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