116 3rd St SE
Cedar Rapids, Iowa 52401
Sheriff’s sale date set for Iowa City high-rise properties
Judgment amount set at nearly $26.5 million
Sep. 10, 2025 6:13 pm
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IOWA CITY — A sheriff’s sale will be held this fall for several high-profile downtown Iowa City properties, including The Chauncey, following a foreclosure ruling on the properties earlier this year.
According to court documents, the properties listed for 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 S. Clinton Street and E. Burlington Street
The outstanding judgment amount on the properties is about $26.5 million, according to court documents.
The sale will be Tuesday Nov .18 at 9:30 a.m. at the Johnson County Sheriff’s Office, located at 511 S. Capitol St in Iowa City.
To participate in the auction, bidders must be at least 18 years old and have a letter from a financial institution with an approved credit limit.
Sheriff’s sale follows 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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