Jay G. Tokar, of Avon, probably is best known as being the man behind several real estate transactions that added numerous buildings on Middle Avenue between Broad and Second streets to his real estate portfolio. Most notably, Tokar bought the Lorain National Bank Tower and transformed it into office condominiums.
However, many of those same buildings are now up for foreclosure, according to complaints filed in
Tokar is named as the defendant in three complaints along with Tower Holdings, a real estate company he partially owns.
Lender MTS Unlimited out of
The unpaid balance on the properties, all of which appear to be condominium units of
A default judgment is being sought as neither Tokar or Tower Holdings have not responded to the complaints, according to the suit. Several calls to Tokar’s office on
Attorneys for MTS unlimited declined to comment about the pending litigation.
Tokar’s company, JGT Enterprises, also is named as a defendant in two other foreclosure lawsuits filed in July and October 2007. A default judgment is pending in one ,and a sheriff’s sale is imminent for the other, court records show.
However, Tokar still has a stable of properties.
According to records from the county auditor’s office, JGT Enterprises owns more than 46,000 square feet of downtown real estate valued at more than $2.8 million.
The foreclosure lawsuits come less than eight months after Tokar filed bankruptcy, contending he was $7.34 million in debt.
Tokar’s attorney in the bankruptcy proceedings declined to comment, saying he didn’t have his client’s permission.
Contact Lisa Roberson at 329-7121 or email@example.com.