Ludington-based West Shore Bank is attempting to foreclose on two spaces within Adelaide Pointe housing Muskegon Brewing Company and Adelaide Events.
The bank is claiming that Adelaide Pointe developer Ryan Leestma’s companies owe more than $7 million in debt.
Court documents filed with the U.S. Bankruptcy Court Middle District of Florida show West Shore Bank issued a $6.6 million promissory note in February 2024 and a $500,000 promissory note in April 2025. The bank is expecting to foreclose on September 18th.
On August 20th, Leestma’s attorney filed an emergency motion asking the court to enforce or extend an automatic stay as the companies continue with bankruptcy proceedings, arguing the foreclosure would strip the debtors of the value of their ownership interest in the building by eliminating any revenue streams tied to the Adelaide Pointe development.
In April, Leestma filed for Chapter 11 bankruptcy and reached a settlement with Independent Bank that would allow the entities involved with the project to focus on wrapping up bankruptcy proceedings, including construction of the 34 remaining condo units which, once completed, are expected to generate $27 to $32 million in sales.
For a weekly dose of news right to your inbox, sign up for the WGVU newsletter.
