The potential foreclosure on the Mission Gateway project poses perhaps the biggest threat the cursed Johnson County development has ever faced. It could leave the city of Mission without a finished project, but also cost developers, bankers, vendors and contractors millions. Several real estate experts tell The Star the development, despite sitting on one of the most valuable pieces of property in the area, is upside down, meaning the property is now worth less than what is owed. Last month, New York’s Metropolitan Commercial Bank filed a lawsuit in Johnson County Court seeking foreclosure of the property after it said developers missed several mortgage payments.
Source: Joco 913 News
