Apex-ME Inc., an arm of TD Bank, has taken over the deed to Spring Garden Self Storage in DeLand, Fla., from its owners, three local business people. Apex is foregoing any foreclosure action and eliminating the owners’ $2.6 million debt, according to court records.
The facility was built in 2005 by retired attorneys Dana Fogle and Harland Fogle, and Leonard Marinaccio of Bomar Construction. The facility underwent expansion in 2008 when 650 units were added. Fogle said the recession led to lower occupancy and the loan holder informed them it would not renew the facility’s mortgage when it came due in three years.
TD Bank’s plans for the property are not yet known.