The bank also filed a motion to place the building, at 15 W. Fourth St., in receivership. A receiver is a neutral party appointed to preserve a property during litigation.
Several other high-profile downtown properties have encountered problems recently, including the Kettering Tower — the city’s tallest office building. It was also foreclosed on and eventually placed into receivership.
Shiffler, 63, was eating a patty melt Wednesday at the Moraine Embassy at 25 S. Ludlow St. and was unaware PNC had filed for foreclosure.
“Obviously, I am shocked and embarrassed,” he said. “But I am confident we can come up with a proposal to keep the building.”
Shiffler said he is three months behind on the mortgage, a short-term loan that matured two months ago, and owes $102,000 in back property taxes to Montgomery County. He owes $157,000 in back property taxes for two other downtown properties — the Schwind Building, 25-27 S. Ludlow St.; and the McCrory Building, 29 S. Main St. — and his home in Oakwood.
While the building is fully occupied with nine tenants, he did not have enough money to pay contractors for some of the nearly $4.5 million in renovations and keep up on his mortgage.
The mortgage was filed in 2006.
“My last contact with (PNC) was a couple days ago,” Shiffler said. “I have been pushing (PNC) to help me get a longer-term loan or a third party (investor). I think this is them pushing back at me.”
Shiffler also said his “bad attitude” probably helped lead to the foreclosure.
“I probably didn’t handle (the discussions) real well,” he said. “Obviously, I wish I would have taken care of this a week ago.”
Contact this reporter at (937) 225-2057 or lgrieco@DaytonDailyNews.com.
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