Bank of America Plaza Faces Foreclosure
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…
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Note: An earlier version of this post implied that Bank of America owned the building. We've adjusted the language for clarity.
