Former Cascades Grandview owner owes millions

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GREENSBORO, NC -- A lawsuit filed Friday in Guilford County Superior Court claims the owner or owners or the Cascades Grandview Apartments on West Market Street is millions of dollars in debt to multiple entities.

The lawsuit identifies the owners as two limited liability corporations by the name of USquare I and II. A promissory note included in the filing shows those companies are on the hook for a $7.2 million-dollar loan from a private equity firm.

The property owner hasn't paid Guilford County property taxes since 2010 and now owes $112,074.20.

The property owner also failed to pay utility bills for four months. That left the building owing Duke Energy $28,393.77 and owing the City of Greensboro's Water Resources Deaprtment $21,477.63.

A sign on the side of the building advertises an all-inclusive rate, but residents said whatever they've been paying certainly hasn't been all-inclusive as they've lost power, had occasional problems with water, lost cable and internet, and been temporarily evicted from a condemned building.

Darryl Fisher, a student who's lived at the Cascades Grandview since May, said she is especially upset.

"We give them our funds so we can live safely and happily in this place. Now they're going around not using it to pay bills? That's outrageous," Fisher said.

Another resident, Stephen Baggett, said he is looking forward to September when his lease is up. New management or not, he said he's out.

"I don't want to be here any longer than I have to," Baggett said.

Startegic Management took custody of the building Monday. By Tuesday afternoon some residents reported working air conditioning and fully functional cable and internet.

Stanley Steemer also arrived to clean the carpets before management hosted a pizza party to promise upcoming changes to residents.

The residents said they'll believe it when they see it.