Bank of Ann Arbor Construction Loan Ledger – Sheriff’s Sale, Post-Redemption Payments, and Charge-Off (2017–2018)
Bank Ledger – Construction Loan Transaction Record
The following Bank of Ann Arbor loan ledger reflects transaction activity associated with a construction loan issued to Dr. Bradley Foerster and Dr. Myria Petrou, secured by properties located at 1745 Brian Court, 630 Geddes Ridge Avenue, and 620 Geddes Ridge Avenue, all located in Ann Arbor, Michigan, including principal advances, payments, and disposition of the loan balance.
The ledger entries correspond to the period surrounding the August 3, 2017 sheriff’s sale of three Ann Arbor properties, at which the Bank of Ann Arbor made a credit bid of approximately $1.4 million.
The ledger reflects a principal payment of approximately $78,200 in December 2017, aligning in timing with the sale of 1745 Brian Court by Dr. Foerster and Dr. Petrou to Tarick Seifeddine.
The seller’s statement reflects total transaction credits and debits of approximately $338,332.84, including payoff of a first mortgage loan to Bank of America ($257,406.31) and a second mortgage loan to Strobl & Sharp P.C. ($80,926.53), identified in related records as counsel for the Bank of Ann Arbor.
The ledger then reflects a principal payment of approximately $1.15 million on February 26, 2018, several weeks after expiration of the six-month statutory redemption period.
The ledger then reflects a charge-off of approximately $294,675 in March 2018.
No record reflects that Dr. Foerster or Dr. Petrou exercised the statutory right of redemption, and the recorded certificate of redemption does not identify the redeeming party.
Dr. Foerster and Dr. Petrou did not execute any document authorizing redemption of the sheriff’s sale or transfer of redemption rights.
No documentation has been identified reflecting any such transfer or assignment, which would typically be expected if a third party had redeemed the property.
Related Record: Request for Investigation – Certificate of Redemption (2023)
This sequence is further reflected in subsequent credit reporting, including the reporting described in Bank of Ann Arbor Loan Ledger vs Credit Reporting: $15.29M TransUnion Tradeline (Foerster & Petrou) .
In March 2018 court proceedings, counsel for the Bank of Ann Arbor was asked to identify the source of the February 26, 2018 principal payment. Counsel described the transaction as an “internal transfer” and did not further specify the source of funds.
At the beginning of March 2018, Dr. Paul Cronin offered to provide a cash loan provided by Dr. Cronin to Drs. Bradley Foerster and Myria Petrou to facilitate a purchase of 630 and 620 Geddes Ridge Avenue. This arrangement was coordinated by attorney Cyril Hall, and Dr. Cronin assured Hall that the funds were available. Based on these assurances, Hall reached a settlement agreement with the Bank of Ann Arbor on behalf of Drs. Foerster and Petrou, which provided a six-week period to repurchase the properties. Under the settlement agreement, Drs. Foerster and Petrou would purchase the properties using the loan and execute a separate agreement with Dr. Cronin regarding repayment, with the properties as collateral.
At the end of March, Dr. Cronin indicated that he did not have the cash and that a mortgage would be required, for which he and his wife, Aine Kelly, had been pre-approved. As a result, the arrangement changed: Dr. Cronin would have to purchase the properties from the bank and sell them to Drs. Foerster and Petrou via a land contract. Both sets of parties executed their respective agreements on April 10, 2018.
Following the execution of the land contract, Cyril Hall requested an extension from the bank to secure the mortgage, but the bank declined to extend the mid-April deadline. At the end of April, Cronin and Hall approached the Bank of Ann Arbor to explore whether Dr. Cronin could purchase the properties outright (so that he could then sell them to Drs. Foerster and Petrou), but the bank advised that the properties were not for sale.
Notably, under either arrangement—whether Drs. Foerster and Petrou purchased the properties directly with a cash loan from Cronin or Dr. Cronin purchased them first and conveyed them under a land contract—the Bank of Ann Arbor would have received the same purchase price. Despite this, the bank refused to sell the properties to Dr. Cronin, stating that they were not for sale to “other parties,” and only Drs. Foerster and Petrou could buy them. This sequence of events occurs in the context of a $1.15 million redemption payment made after the statutory period, the source of which the bank has not clarified.
Drs. Foerster and Petrou, along with their children, were evicted in early May 2018.
The ledger provides a record of the financial transactions underlying the loan during this period.
Summary of Key Transactions
- August 3, 2017 — Sheriff’s Sale (3 properties): approximately $1.4 million (credit bid)
- December 2017 — Principal Payment: approximately $78,200
- February 26, 2018 — Principal Payment: approximately $1.15 million
- March 2018 — Charge-off: approximately $294,675
Bank of Ann Arbor Loan Ledger (Transaction Record)
Exhibit 1: Bank of Ann Arbor loan ledger reflecting transaction activity, including principal balances and payments.
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Exhibit 2: Bank of Ann Arbor loan ledger reflecting reinstated principal and final loan balance.
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In 2024, an accountant retained by Dr. Foerster and Dr. Petrou reviewed the loan ledger and advised that reconciliation of the figures by the Bank was required. Requests were made to the Bank of Ann Arbor seeking reconciliation of the ledger; no response was received. The matter was subsequently referred to law enforcement for review.
Records associated with that investigation are available here: Police Investigation Records.
Related Reporting
- DOJ Confirms 500+ Page FBI File on Bradley Foerster in Russia-Gate FOIA Case; Records Set for Release May 4, 2026
- President Grasso Denies Foerster FOIA Appeal – UMPD Police Report Referenced in AAPD Communication (Dr. Eva Feldman)
- Ann Arbor Independent Community Police Oversight Committee Review of $1.4M Missing Funds From Sheriff’s Sale
- Dr. Bradley Foerster Files Litigated FOIA Appeal Following President Grasso Denial – Medical Peer Review Decision (Psychiatry)
Brad Foerster, MD PhD
Brad Foerster is a FOIA advocate documenting requests, transparency disputes, and accountability investigations involving public agencies, universities, police oversight, and Russia-Gate related inquiries. His work compiles original documents, timelines, and analysis of public records and institutional responses. Brad is also a board-certified radiologist, author of Town & Gown, and has published over 40 peer-reviewed articles. Brad lives in Potomac, Maryland with his family and is active in the Montgomery County Medical Society and the Takoma Park U.S. & World History Book Club.