MILWAUKEE — Milwaukee's Iron Horse Hotel is once again facing foreclosure.
The lender filed a foreclosure lawsuit in 2021; however, owner Tim Dixon countered with Chapter 11 bankruptcy reorganization filing in 2022.
According to our partners at the Milwaukee Business Journal, the bankruptcy case was dismissed last year after the lender and Dixon's Rider Hotel LLC entered into a forbearance agreement. That agreement authorized the lender to seek a foreclosure judgment if Rider Hotel engaged in a “triggering event.”
On Monday, a foreclosure judgment was filed against the property, meaning the property could be sold with proceeds going to the lender.
MBJ reported Rider Hotel LLC owed its lender owed $26.3 million as of May 6.
The Iron Horse is known as Milwaukee's luxury biker hotel and has ties with Harley-Davidson Motorcycles. It was opened in 2008 and has 100 rooms.
No date has been set for the sale of the property.
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