This Just In ...
Kevin Fischer is a veteran broadcaster, the recipient of over 150 major journalism awards from the Milwaukee Press Club, the Wisconsin Associated Press, the Northwest Broadcast News Association, the Wisconsin Bar Association, and others. He has been seen and heard on Milwaukee TV and radio stations for over three decades. A longtime aide to state Senate Republicans in the Wisconsin Legislature, Kevin can be seen offering his views on the news on the public affairs program, "InterCHANGE," on Milwaukee Public Television Channel 10, and heard filling in on Newstalk 1130 WISN. He lives with his wife, Jennifer, and their lovely baby daughter, Kyla Audrey, in Franklin.
Franklin developer files for bankruptcy
The Milwaukee Business Journal is reporting that well-known, highly-regarded Franklin developer Mark Carstensen has filed for personal Chapter 7 bankruptcy.
The newspaper notes Carstensen “has developed more than $100 million of commercial projects.” However, according to the paper, “Carstensen lists assets of $3.2 million and liabilities of $46.4 million, which mainly are from personal guarantees on real estate development loans.”
Carstensen is not alone. Other area developers who have filed for bankruptcy include Robert Patch, Jeff Klement, Scott Fergus and John Kuhn.
The Business Journal quotes Milwaukee attorney, Dayten Hanson who’s been quite busy handling bankruptcy cases. Hanson told the paper that previously successful developers have run into difficulty selling or refinancing their properties and are unable to consistently make their payments to banks.
Carstensen is the founder and president of Mark Carstensen Construction and Development Cos., Franklin. The Business Journal reports he faces foreclosure lawsuits from Harris Bank and PyraMax Bank for loans totaling nearly $4 million at the Avian at Tuckaway condominium project in Franklin. The Shoppes at Wyndham Village retail center in Franklin faces a $19 million foreclosure lawsuit.
Carstensen historically has been one of Franklin’s finest corporate citizens. Despite his successes, even he is not immune from a brutal economy. I wish him well.
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