Clark Tower foreclosure related to lenders’ desire to foil refinancing, In-Rel says
Owner defaults on $60 million loan, lenders claim
Clark Tower, a Memphis icon in East Memphis at Poplar near Mendenhall since the 1970s, has gone into foreclosure. (Daily Memphian/File Photo)
Lenders have foreclosed on Clark Tower, saying the owner defaulted on a $60.75 million loan. But the building owner claims the lender is reneging on a refinancing agreement and filed suit in August.
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Clark Tower Commercial Real Estate foreclosuresTom Bailey
Tom Bailey retired in January as a business reporter at The Daily Memphian, and after 40 years in journalism. A Tupelo, Mississippi, native, he graduated from Mississippi State University. He has lived in Midtown for 36 years.
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