Wright State is not involved in the foreclosure case, according to a spokeswoman for Wright State.
In 2019, Sunflower Public Finance, a lender for tax-exempt properties, entered into mortgage and bond agreements with Double Bowler for the properties, in amounts over $10.8 million.
Sunflower sued Double Bowler over alleged nonpayment in May 2024, according to the lawsuit, and the courts appointed a receiver to run Double Bowler in September 2024.
The receiver reported last fall that two of the four buildings had substantial vacancies, in part because WSU had been using some space, but moved those uses back to the main campus. The receiver cited Double Bowler’s lack of pursuit of new tenants and said some plumbing and environmental problems with the buildings needed to be addressed.
In February, Sunflower moved for summary judgment and a decree of foreclosure, saying Double Bowler was in default, with $10.56 million in principal and interest still due.
The four properties are:
- 3040 Presidential Drive and 2455 Executive Park Blvd.: Both properties were purchased from Wright Patterson Credit Union in 2014, according to Greene County Auditor records. In total, the two properties were purchased for more than $10 million, according to the same records.
- 2555 University Blvd.: This 3.4 acre property was purchased in 2016 from Fairborn Value Investments LLC. Its address is associated with the Wright State Physicians Psychiatry/Psychotherapy Clinic.
- 3100 Presidential Drive: This property was purchased in May 2016 from Fairborn Value Investments, according to Greene County Auditor’s records. Aerospace Business Development Associates LLC and the AFIT Foundation both have this property listed as the company’s business address.
In 2019, the Ohio Inspector General found the private nonprofit real estate corporation Double Bowler violated state law and improperly paid former U.S. congressman Steve Austria for lobbying. The university violated state law by not getting approval from the State Controlling Board and the chancellor of the Ohio Department of Higher Education when buying property, according to the investigation.
Double Bowler’s attorney did not respond to a request for comment.
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