Documents Reveal Foreclosure Threat at Tzadik Buildings in Sioux Falls, South Dakota

t’s when we came across the foreclosure documents.”

The packet details the money owed to the Merchants State Bank of Indiana and to insurers, unpaid taxes, as well as other claimants and fines.

“As of February 25, 2025, the principal and interest amounted to exactly fourteen million nine hundred twenty-two thousand eight hundred ten U.S. dollars and sixty-two cents,” said Scarlota.

Scarlota also says she’s concerned that residents may be left with no options and hopes they can find legal help very soon.

An independent management company has taken control of Woodlake Apartments, although its website acknowledges that some employees previously worked for Tzadik. The president of Equity Real Estate Management, Tessa Frank, states that her company is independent, fully operational and financially separate, a legally distinct entity, and denies any ties to Tzadik beyond managing Woodlake.

Available foreclosures:

Sioux Falls: 80 homes available

Rapid City: 142 homes available

By Elías DaSilva | June 5, 2025