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MATTER OF WOODBROOK ASSOCIATES

No. 92-4014.

19 F.3d 312 (1994)

In the Matter of WOODBROOK ASSOCIATES, Debtor-Appellant.

United States Court of Appeals, Seventh Circuit.

Decided March 18, 1994.

Rehearing Denied May 12, 1994.

Attorney(s) appearing for the Case

Jeffrey L. Hunter, Asst. U.S. Atty. (argued), Indianapolis, IN, for appellee.

Thomas D. Titsworth, John M. Rogers (argued), Bamberger & Feibleman, Indianapolis, IN, for debtor-appellant.

Before POSNER, Chief Judge, CUMMINGS, Circuit Judge, and ZAGEL, District Judge.

ZAGEL, District Judge.

Woodbrook Associates ("Woodbrook"), is an Indiana real estate limited partnership whose sole asset is the Woodbrook Apartments constructed in 1980 in Indianapolis. The apartment complex was primarily funded by a first mortgage loan of $5,559,700.00, at 7.5%, insured by the United States Department of Housing and Urban Development (HUD). Woodbrook Apartments failed to generate the expected income levels...

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