Special Servicer Takes Over $182M Hancock Center Loan

Law360, New York (February 13, 2012, 6:16 PM EST) -- A special servicer took control of a $182 million loan on the John Hancock Center on Thursday, setting the stage for a potential legal battle between owners and lenders over the iconic Chicago skyscraper.

A trustee for investors holding $182.4 million in senior debt on the financially beleaguered Hancock Center has transferred the loan to TriMont Real Estate Advisors Inc., Fitch Inc. reported Friday.

The Atlanta-based special servicer has the power to decide whether to try to restructure the debt or file a foreclosure suit against...
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