Charlotte, North Carolina-based ""Wachovia Corp."":https://www.wachovia.com/, the No. 1 bank in Raleigh-Durham market share, recently won a[IMAGE]
$10.5 million foreclosure judgment against a Homestead, Florida trailer park owner who planned to build an apartment complex on the property, ""Triangle Business Journal reported Monday."":http://www.bizjournals.com/triangle/stories/2010/03/01/daily3.html?ana=from_rss&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+industry_20+%28Industry+Commercial+Real+Estate%29[COLUMN_BREAK]
The judgment was against Yale-Steam Associates, a developer based in Washington, D.C., Triangle Business Journal said. In 2006, the company obtained a $9.8 million mortgage from Wachovia in order to fund the $13.5 million purchase of the mobile-home park.
According to county records, the developer had received approval for 204 apartment units, and the loan secured from Wachovia had a future advance limit of up to $50 million to help pay for construction-related costs. However, Triangle Business Journal said the company never obtained the advance loan, and construction never began.
With $9.3 million outstanding on the mortgage, Wachovia, which is owned by ""Wells Fargo & Co."":https://www.wellsfargo.com/ of San Francisco, filed for foreclosure against the developer in March 2009, and the 37-acre site will be up for sale at a public auction on June 1, 2010.