Here's the image attached to Spaulding Court's latest email blast, which arrived late last night. The troubled apartment development which celebrated it's 100th birthday this summer went on a fundraising blitz when the owners learned that un-paid back taxes threatened to put the two buildings into foreclosure. And now it is saved! So why is the image so gray and well, apocalyptic/bleak-ish? The redevelopment may not be as Finance-O-Effed as before but there are other challenges ahead. 2012 taxes are due in two weeks. They also need to refinance $36,000 of short term construction debt. But for now, a sigh of relief is deserved. They received a handful of investments from new investors ranging from $100 to $1,000, and a large contribution from an anonymous donor.
· Spaulding Court is Finance-O-Effed, Facing Foreclosure [Curbed Detroit]