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City block for sale in church foreclosure

Burl Rolett September 18, 2013 0

The Richmond Christian Center building at 214 Cowardin Ave. (Photo by Burl Rolett)

The Richmond Christian Center building at 214 Cowardin Ave. (Photo by Burl Rolett)

A Southside house of prayer is headed for the auction block.

The Richmond Christian Center building at 214 Cowardin Ave. has entered foreclosure and is slated to be sold at auction next week.

Foundation Capital Resources, a Mississippi-based lender and REIT that specializes in financing for churches, is foreclosing on the property after the center defaulted on a $4.4 million loan issued in September 2005.

It is unclear when the foreclosure process began or how much of the original loan remains unpaid. David Lanetti and Christopher Stuart Colby of the Norfolk-based law firm Vandeventer Black are acting as substitute trustees for the lender. Calls to the firm were not returned.

The Christian Center is operating out of the Southside location. The group would not comment on its plans for after the sale, which is scheduled for Sept. 25 at 10 a.m. on the steps of the Richmond courthouse. A message for pastor Stephen Parson was not returned.

The entire city block bounded by Cowardin Avenue and Perry, Wall and West 19th streets will be sold. The property sits on roughly 2.3 acres divided among three parcels. The largest of the three, which includes the Christian Center building, is slightly larger than one acre.

The Christian Center also owns several nearby parcels, according to city records, including a smaller building at 318 W. 19th St. and two parking lots on Wall Street. The parcels were most recently assessed at a total of $2.37 million and zoned for general business and light industrial uses.

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