BNY Mellon Moves To Foreclose On $9M Office Park Loan

Law360, New York (August 6, 2012, 6:14 PM EDT) -- The Bank of New York Mellon Trust Co. sued a Pennsylvania real estate development company over a $9 million mortgage loan on Friday, seeking to initiate a foreclosure sale on a suburban Philadelphia office park.

BNY Mellon — which assumed the loan from the original lender, Wells Fargo Bank N.A., in June — hit CenterPointe Office Associates L.P. with the suit in federal court in Pennsylvania, claiming that the borrower has failed to make payments on principal and interest due since Feb. 1.

“The mortgage provides that...
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