Building's future may be decided today

A bankruptcy judge could rule Monday on the fate of downtown Norfolk's historic Wainwright office building.

The owner of the building, at Duke and Bute streets, filed for Chapter 11 bankruptcy protection in September to avoid a foreclosure on the property after defaulting on a $7 million loan.

Wainwright Building LLC is an affiliate of Norfolk Property Development LLC, a firm backed by developers Eric Menden and George Hranowskyj.

The owners fell behind on payments a year ago on the loan from CIBC World Markets Inc.

Rather than foreclose, the lender auctioned off the note. It was purchased by the Norfolk firm WBG Financial Investment & Capital LLC.

Bankruptcy Judge Frank Santoro will hear final arguments Monday.

Jonathan L. Hauser, an attorney representing WBG, said there's no equity in the property and the owners can't reorganize.

John D. McIntyre, an attorney who represents the owners, declined to comment on the case.

If the judge approves the foreclosure, the lender could repossess the property as early as next month.