Uptown’s One Wells Fargo goes into receivership after default on $157M loan
The former headquarters tower of Wells Fargo & Co. (NYSE: WFC) in uptown Charlotte is a step closer to foreclosure with the bank’s looming exit expected to leave the building more than half empty.
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One Wells Fargo went into receivership on Oct. 15, according to filings related to the debt tied to commercial mortgage-backed securities. This means a third party has taken over control of the property as the lender continues to pursue foreclosure actions.
Tampa, Florida-based Vision Properties’ loan on the 42-story tower at 301 S. College St. matured in May and became delinquent in July. Currently, about $157 million is owed on the building. Vision expressed interest in sending the building back to the borrower, according to the October notes of the special servicer monitoring the debt in CMBS filings. The servicer began pursing foreclosure action on the 35-year-old property in August, according to CMBS loan data.
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