Friday, August 27, 2010

Bank's 'shocking proposal' over NASCAR tower

A dramatically low buyout offer tied to the tower looming over NASCAR's shrine reflects the toll office vacancies are taking on the Charlotte market.

According to court papers, Wells Fargo shocked Regions Bank with its offer to buy out Regions' share of the office building's loan.

The proposal?

Wells Fargo would pay for 42 cents on the dollar for the $37 million loan, with an offer in the mid-teens.

The offer is detailed in court papers Regions filed over financing for the 19-story office tower that is part of the NASCAR Hall of Fame complex in uptown Charlotte.

Regions Bank says in papers filed in a federal court last month that it provided half of the loan amount to developers of the NASCAR Plaza in May 2007. The 376,000-square-foot building, which towers over the NASCAR Hall of Fame is reported to be less than 50 percent occupied.

- Doug Miller


Anonymous said...

Yeah I believe the less than 50 percent occupancy rate, because as I drive by there going to work every day, you can still see the construction lights on several floors where the floors are unfinished. That's pretty sad. I thought NASCAR's licensing operations were going to move there?

Wodon said...

Perhaps it could be converted into a greenhouse. I bet you'd get some nice tomatoes.

Anonymous said...

When I drive by, it seems like it's a complete see-through. In other words, no tenants at all.

Wells Fargo's offer is probably about right.

Anonymous said...

It's good to see what another bank thinks someone's "assets" are worth.

I wonder just how inflated the property values are on everyone's books.

Shocking, indeed.

Unless you've been paying attention lately.

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