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Wayzata is a premier suburb located 11 miles west of downtown Minneapolis. With a population of 4,500 people, Wayzata is a tight-knit community which is known for its vibrant downtown and picturesque setting on Lake Minnetonka. A popular destination for visitors, Wayzata’s downtown is home to a number of specialty shops, boutiques, professional services, and restaurants.

Thursday, March 10, 2011

Notice of foreclosure sale published for Boatworks

Kaminski hopeful a deal can be reached to retain possession

Foreclosure proceedings have started for the Boatworks in
Wayzata. Photo Dan Gustafson.
A notice of foreclosure sale for the Wayzata Boatworks building was published in the March 6 edition of Finance & Commerce, a Minneapolis based daily business newspaper.

The Boatworks building is currently owned by an entity controlled by MG Kaminski, of Wayzata Properties and Wayzata Capital Management.  It is also an ideal place for residents and tourists to stroll along the deck behind overlooking Wayzata Bay.

"I'm in the middle of a deal trying to figure out--redoing the deal that exists with the lender today. They are following their protocol and I'm doing what I am supposed to be doing. We should have something hopefully resolved shortly."

The Boatworks sign showing vacancy.
Photo Dan Gustafson.
The building is home to Morgan Stanley, NorthCoast, Wells Fargo Advisors, Intran Media, Redstone Corporate offices, and Wayzata Properties. Aproximately 40% of the building is currently vacant.

Kaminski continued, "In general, Wayzata is hard these days. Property taxes don't help, and big rents don't exist today."

Lobby of the Wayzata Boatworks. Photo Dan Gustafson.

The loan balance, according to F&C, is $30.2 million. The property is assessed by Hennepin County at $21.6 million dollars, and the current annual property tax bill is $753,004.52.

"I acquired the building about 10 years ago from Rick Born. I thought it was a good real estate deal in Wayzata, at the time. The lender and I are on good speaking terms, we are working through it. Hopefully we can get it resolved."

Tables overlook Wayzata Bay at the Boatworks building.
Photo Dan Gustafson.
Kaminski will have 6 months after the sheriff's sale to redeem the building.

Stay tuned to Wayzata.com, your Wayzata Boatworks leader.

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