A French bank has begun foreclosure proceedings on 1st Mariner Tower at Canton Crossing as the recession and housing slump spread deeper from Baltimore banker and developer Edwin F. Hale Sr.'s banking business to his commercial real estate activities.
Paris-based Natixis SA informed Hale on Friday that the bank's commercial real estate lending arm in New York has scheduled an auction for the 17-story building and surrounding land for Oct. 21 after the default of an $84 million loan, according to a notice of sale.
In an interview Tuesday, Hale said he was considering several measures to resolve the problem, including trying to sell the building that opened three years ago(more Click Here).
Paris-based Natixis SA informed Hale on Friday that the bank's commercial real estate lending arm in New York has scheduled an auction for the 17-story building and surrounding land for Oct. 21 after the default of an $84 million loan, according to a notice of sale.
In an interview Tuesday, Hale said he was considering several measures to resolve the problem, including trying to sell the building that opened three years ago(more Click Here).
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