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


Here's the Wells Fargo Foreclosure Lawsuit on the Regions Bank Building
Regions Building, left, in downtown Little Rock

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 …"