A holding company named Madison Hotel Apartments LLC that owns a downtown Spokane apartment building, located at 1021 W. First, has filed for Chapter 11 reorganization in U.S. Bankruptcy Court here.

In a voluntary filing, the holding company lists liabilities of $6.7 million and assets of $6.3 million. Data from the filing and from the Washington Secretary of State Corporation Divisions' website show that the limited-liability company is owned by Ann M. Wyman, of Spokane, and Andrew Steve Elliott, also of Spokane. Both list their address in the filing as 122 S. Monroe, Suite 208, which is the same address posted on the website for the apartment building's leasing office. The website lists the name of the building as the Monroe Madison.

The bankruptcy filing also lists as co-debtors two other LLCs—Monroe Madison Management LLC, and Spokane Partners LLC—and based on information found on the Secretary of State's website, those two operations also are owned by Wyman and Elliott. A third person, Sherrill D. Elliott, also is listed in the filing as a co-debtor.

Andrew Steve Elliott says the company filed for Chapter 11 protection because of a misunderstanding with the property's lender, U.S. Bank, and some confusion over tax credits.

"The building has a high occupancy rate so it's not an operational issue," Elliott says. "We hope to get it settled shortly."

The largest secured claim is listed as $5.4 million owed to U.S. Bank National Association for the real estate property deed of trust.

The largest unsecured debt in the filing is $453,000, and is owed to Monroe Madison Construction Services LLC, which also is owned by Elliott and Wyman, the Secretary of State's site shows. About $15,700 in unsecured claims also is owed to the IRS, the filing shows.