CMR Real Estate Investments files for bankruptcy – Cleveland Business Journal – The Business Journals
CMR Real Estate Investments LLC has filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court in Akron.
The residential real estate investor, located at 83 S. Maple St. in Akron, and Christopher Vanuch, the company’s managing member, list on their bankruptcy filing between one and 49 creditors that are owed between $1 million and $10 million.
CMR Real Estate and Vanuch also list assets of between $1 million and $10 million on their filing.
The investment company says it owns $1.3 million in real estate, which appears to be single- and multi-family dwellings that are rental properties, according to Summit County property records.
Seventeen of CMR’s properties are in foreclosure proceedings in Summit County Common Pleas Court and four properties — two each in Summit County and Cuyahoga County — have completed foreclosure proceedings in those counties, according to the bankruptcy filing.
CMR Real Estate’s creditors hold $2 million in claims that are secured by real estate, according to the filing.
Vanuch, who lists a Cleveland address, is a co-debtor on all but one of the 23 of the debts listed in the bankruptcy filing. Steven Yoak of Brunswick is listed as a co-debtor on one of the debts, according to the bankruptcy filing.
According to its bankruptcy filing, the investment company’s top 20 creditors, which have both secured and unsecured claims, are:
CMR Real Estate has a property management agreement with VanBaker Properties LLC, which is listed at the same Akron address, according to the bankruptcy filing.
VanBaker Properties is paid 10% of gross rents received, according to the filing.
Vanuch, Mairen Baker and/or Ryan Baker have incorporated a handful of housing-related companies, according to the Ohio Secretary of State’s Office:
Vanuch says at his LinkedIn profile that he owns “VanBaker Construction and Properties” in Barberton, Ohio.
In addition, R&M Baker Real Estate Investments at the Brunswick address owns some of the residential rental properties listed in CMR’s bankruptcy filing, according to Summit County property records.
Richard Nemeth, who is CMR’s Cleveland bankruptcy attorney, did not return an email asking for clarification of the bankruptcy filing.