Milwaukee Developer Faces Foreclosure Suit

New Land Enterprises, a Milwaukee developer, faces a foreclosure suit targeting three buildings.

The lawsuit claims that investors organized by Boris Gohkman and Walter Shuk defaulted on loans from a Madison-based bank. As of Jan. 22. the amount owed totaled $14.8 million, according to the suit, and public records show the combined assessed value of the properties is $9.8 million.

Gohkman was convicted for Medicaid fraud in 2004, and the firm has been sued for building defects multiple times, but that didn't slow down the company. This threat is a lot more serious, however, and could lead to the bank taking control of the three well-known properties.

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