Landlord foreclosure leads to Summit closing

Land sold back to bank for $1.07 million

ssloan@herald-leader.comNovember 5, 2009 

Summit Restaurant, located off Tates Creek Road past Man o' War Boulevard, has closed, a victim of its landlord's foreclosure.

The restaurant sat on the partially finished Tates Creek Heights development by NUTI Builders. The land was sold by the Master Commissioner of the Fayette Circuit Court on Oct. 26 to the bank that had financed its purchase, PBI Bank of Louisville.

Representatives of PBI Bank and NUTI Builders did not return messages left Wednesday afternoon.

The land sold to PBI Bank for $1.07 million, according to the Master Commissioner.

But PBI Bank had no interest in leasing out the partially finished property, said Summit Restaurant proprietor Wayne Masterman.

"They wanted to be a lender," Masterman said. "They made it available to us, but the cash flow didn't work for the restaurant to be able to buy it."

The restaurant, which was upscale American, closed over the weekend after being in operation for around a year-and-a-half. It was the only tenant in the development.

The chef and sous chef at Summit Restaurant will move into the schedule at Masterman's Portofino downtown. Also, a few servers and bartenders will also go to either Portofino or Masterman's Serafini restaurant in downtown Frankfort.

Herald-Leader staff writer Sharon Thompson contributed to this report.

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