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1st Mariner Tower Faces Foreclosure
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CBS
A French bank has begun foreclosure proceedings on 1st Mariner Tower at Canton Crossing.
Paris-based Natixis SA told banker and developer Edwin F. Hale Sr. on Friday that an auction for the building and surrounding land is scheduled for Oct. 21 after a default on an $84 million loan, according to a notice of sale.
Hale said Tuesday that he's considering several ways to resolve the problem, including trying to sell the 17-story building that opened three years ago. He says he's current on the loan, but the bank found that he is in default in a couple of provisions.
Hale's 1st Mariner Bank revealed Monday that regulators have ordered it to devise a plan to improve its capital and deal with problem loans. The "cease-and-desist" order sets deadlines and benchmarks on capital levels for the bank.
(© 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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