CHARLOTTE, NC (WBTV) - The owners of the NASCAR Plaza office tower have defaulted on a $95 million loan, according to a lawsuit filed by Regions Bank, the same lender that started foreclosure proceedings on The EpiCentre.
And now Regions is urging Wells Fargo to foreclose at the brand new, 19-story NASCAR building.
Wells Fargo and Regions made the $95 million loan to a company called Corporate Plaza Partners, which owns the property. Regions put up half the money, and Wells was designated as agent for both lenders, assuming administrative responsibility.
But now Regions is upset with its partner, according to the paperwork, because it feels Wells has not done everything possible to collect on the NASCAR Plaza.
The loan matured in November, and the Charlotte Business Journal reports that the following month, Wells demanded payment of more than $70 million still owned. But the money has still not been paid, and Wells has made no further moves.
That, Regions says, is just wrong.
According to court filings, Regions sent Wells a letter asking its partner to "exercise all available remedies to collect the loan, including...immediately filing an action to foreclose..."
So will Wells move forward? And are city leaders worried about Charlotte's skyline?