116 3rd St SE
Cedar Rapids, Iowa 52401
Iowa City high-rise properties return to bank ownership after sheriff’s sale
No bids were received on the three buildings, which had a starting bid set at $24 million
Nov. 18, 2025 5:23 pm
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IOWA CITY — No bids were received during a sheriff’s sale for a slew of Iowa City high-rise properties — including the Chauncey — following a foreclosure ruling in April.
Dozens of people were present at the sheriff’s sale Tuesday morning in Iowa City, but no one bid on the properties. The opening bid for the three properties in the sale was set at $24 million.
As a result, the properties will return to the ownership of GreenState Credit Union. A judgment amount listed the properties at $26.5 million.
The properties included in the sheriff’s sale are:
- The Chauncey, 404 E. College St.
- Plaza Towers, 221 E. College St.
- Park@201, 201 E. Washington St.
A parking lot at the intersection of South Clinton Street and East Burlington Street originally was listed in the sheriff’s sale but will now be sold separately.
Only parts of the listed properties are impacted because GreenState has no claim to any commercial or residential units in the properties that have been bought individually.
Sheriff’s sale followed April foreclosure ruling
A Johnson County judge ruled in favor of GreenState Credit Union in April to collect debt on six loans for real estate projects related to developer Marc Moen and “his family members and friends,” totaling about $28 million, according to court documents.
The credit union was working with the development teams for more than a year to restructure the debts, but those discussions proved “fruitless,” so credit union officials initiated foreclosure action, court documents state.
GreenState, in filing for a summary judgment, asked the court to enter a judgment in its favor against Marc Moen, Michael Moen, Robert J. Jett, Monica Moen, Central Park LLC, The Chauncey LLC, Plaza Towers LLC, Iowa City Health Club LLC and Hills Bank and Trust.
As part of restructuring efforts, all of the defendants — except Hills Bank — entered into a forbearance agreement with GreenState in June 2024, according to court documents. The agreement meant the defendants and lender would agree to a voluntary transfer of property ownership. Moen and others also signed a consent foreclosure decree, in the event they failed to repay the loans by Dec. 31, 2024.
When the loans were not paid off, GreenState filed a motion in March for a summary judgment in its favor. A judge ordered the properties to be sold at a sheriff’s auction.
Trish Mehaffey of The Gazette contributed to this report
Comments: megan.woolard@thegazette.com
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