Wells Fargo Bank has filed in Pulaski County Circuit Court for foreclosure of the 30-story Regions Building in downtown Little Rock.
NNN 400 Capitol Center LLC, through a collection of 37 limited liability companies with the same name, purchased the building for $32 million in August 2006. According to the filing, the note on the building was due Sept. 1 and as of Nov. 7, the balance due was $29.6 million.
Interest on the loan is accruing at a rate of $5,191.25 per day, according to the filing. Default interest began accruing at $3,340.03 per day on Nov. 8.
Wells Fargo is asking for payment of the note or sale of the property. It has requested LNR Partners LLC of Miami be appointed as receiver for the property.
The Wright Lindsey Jennings law firm has been hired to represent LNR Partners. Attorney Judy Henry referred questions to LNR Partners, who did not immediately respond for comment.
-- Chris Bahn