Bank of America Plaza Faces Foreclosure

ADAM CLARK ESTES
JAN 6, 2012

Thanks to mammoth mortgage lender Bank of America’s landlord not paying its mortgage on its Atlanta headquarters, the Bank of America Plaza now faces foreclosure. Bank of America Plaza is the tallest building in the city, a fitting sort of superlative to complement the simple irony that a lender that played its part in the Great Recession and potentially contributed to countless American families’ losing their homes. Read the details in the Atlanta Journal-Constitution to maximize the Schadenfreude:

California-based commercial real estate investment firm BentleyForbes bought the 55-story tower at the height of the real estate boom for an Atlanta-record $436 million. It has been working to avoid default.

The main $363 million loan on the tower went to a special servicer LNR Partners in February, while a second loan had been in default for non-payment.

Maybe Bank of America can just liquidate some stock and make those outstanding mortgage payments. Oh wait, their stock isn’t really worth much anymore…

Note: An earlier version of this post implied that Bank of America owned the building. We’ve adjusted the language for clarity.

Want to add to this story? Let us know in comments or send an email to the author at aestes@theatlantic.com. You can share ideas for stories on the Open Wire.

Adam Clark Estes

Sources

Bank of America Plaza closer to foreclosure, Misty Williams and J. Scott Trubey , Atlanta Journal-Constitution

via Bank of America Plaza Faces Foreclosure – Business – The Atlantic Wire.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: