WYOMING, Mich. — A new filing in the Adelaide Pointe bankruptcy case reveals that developer Ryan Leestma’s financial difficulties extend beyond the troubled Muskegon waterfront development, as a separate creditor has now asked a federal court to allow it to foreclose on a vacant commercial building near Grand Rapids.
StanCorp Mortgage Investors, LLC, acting as servicer for a group of institutional lenders including Standard Insurance Company, Banner Life Insurance Company and Lincoln National Life Insurance Company, filed a motion May 11 in the U.S. Bankruptcy Court for the Middle District of Florida, where Leestma’s bankruptcy case has been unfolding, asking the court to lift the automatic stay that has been protecting Leestma’s assets since his April 1 bankruptcy filing.
The motion involves a property with no connection to Adelaide Pointe: a 20,160-square-foot commercial office building at 6102 and 6120 Clay Avenue Southwest in Wyoming, Michigan, eight miles south of downtown Grand Rapids. According to the filing, that building has been vacant since at least the end of 2025 and is currently generating no revenue…