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Here’s the Wells Fargo Foreclosure Lawsuit on the Regions Bank Building

1 min read

Wells Fargo Bank N.A. has filed a foreclosure lawsuit on the Regions Bank building at 400 W. Capitol Ave. in Little Rock, the Arkansas Democrat-Gazette reported today. 

You can read the entire filing here.

Wells Fargo’s lawsuit targets 37 limited liability corporations with ownership stakes in the 30-story 600,000-SF building. The lawsuit alleges default on the $32 million loan associated with the purchase of the building in August 2006.

The full purchase price of the building, as reported in 2006 by Arkansas Business, was $37.2 million.

According to Arkansas Business news partner THV 11 News, the lawsuit says that:

As of November 7, the balance of the loan was $29,612,459.95, which includes $1,202,411.71 in late fees, $508,742.12 in interest, and $223,782.12 in default interest. 

Starting November 8, the interest began accruing at a rate of $5,191.25 per day, and the the default interest began accruing at a rate of $3,340.03 a day. 

Wells Fargo has also requested that all rent payments collected past Sept. 1 be returned.

The lawsuit also says that Wells Fargo has sent several notices of default, all of which were ignored. The bank is requesting the court appoint a receiver, LNR Partners LLC of Florida, “to protect, possess, control, manage, and operate the Property …”

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