Triangle Business Journal
Wachovia Corp., the No. 1 bank in Raleigh-Durham market share, has won a $10.5 million foreclosure judgment against the owner of a Homestead, Fla., trailer park who planned to build an apartment complex on the property.
The judgment was against Washington, D.C.-based Yale-Steam Associates. The developer’s 37-acre site is set for public auction on June 1.
Yale-Steam bought the mobile-home park for $13.5 million in 2006 after obtaining a $9.8 million mortgage from Wachovia. The loan had a future advance limit of up to $50 million to help pay for construction.
The company secured approval for 204 apartment units, according to county records. However, it didn’t get the advance loan, and construction never began.
Charlotte-based Wachovia filed for foreclosure in March 2009 with $9.3 million outstanding under the mortgage. Wachovia is owned by Wells Fargo & Co. of San Francisco.
Wachovia, the No. 1 bank in the Raleigh real estate market share, had $6.15 billion in Triangle-area deposits as of June 30, 2009, according to the Federal Deposit Insurance Corp.’s annual market-share ratings. Wachovia, which has more than 60 branches in the Raleigh-Durham area, was No. 1 with a market share of almost 23.82 percent, nearly double the 13.56 percent market share of No. 2 BB&T
The judgment was against Washington, D.C.-based Yale-Steam Associates. The developer’s 37-acre site is set for public auction on June 1.
Yale-Steam bought the mobile-home park for $13.5 million in 2006 after obtaining a $9.8 million mortgage from Wachovia. The loan had a future advance limit of up to $50 million to help pay for construction.
The company secured approval for 204 apartment units, according to county records. However, it didn’t get the advance loan, and construction never began.
Charlotte-based Wachovia filed for foreclosure in March 2009 with $9.3 million outstanding under the mortgage. Wachovia is owned by Wells Fargo & Co. of San Francisco.
Wachovia, the No. 1 bank in the Raleigh real estate market share, had $6.15 billion in Triangle-area deposits as of June 30, 2009, according to the Federal Deposit Insurance Corp.’s annual market-share ratings. Wachovia, which has more than 60 branches in the Raleigh-Durham area, was No. 1 with a market share of almost 23.82 percent, nearly double the 13.56 percent market share of No. 2 BB&T
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