All my Friends that live in Monarch, You might possibly have to move out sooner than your lease is up.

The lender behind the Monarch 716 student-housing complex has started foreclosure proceedings against developer DHD Ventures of Rochester, seeking to seize the troubled property and even go after DHD's two principals personally.

Acres Capital, which acts as an agent and adviser for three insurance companies, claiming the lender owed more than $38 million and demanding payment.

This includes a building loan for $28.44 million and an additional project loan of $7.93 million. The higher total balance comes from additional interest owed on the loans.