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Clark Tower foreclosure sale delayed

By Updated: March 22, 2019 1:37 PM CT | Published: March 22, 2019 1:26 PM CT
<strong>The scheduled foreclosure sale of Clark Tower on March 22 was postponed until noon on April 26. The foreclosure sale was scheduled after In-Rel Properties, which owns the 34-story skyscraper in East Memphis, defaulted on a $60.75 million loan payment to JPMorgan Chase Bank.</strong> (Patrick Lantrip/Daily Memphian file)

The scheduled foreclosure sale of Clark Tower on March 22 was postponed until noon on April 26. The foreclosure sale was scheduled after In-Rel Properties, which owns the 34-story skyscraper in East Memphis, defaulted on a $60.75 million loan payment to JPMorgan Chase Bank. (Patrick Lantrip/Daily Memphian file)

The scheduled foreclosure sale of Clark Tower Friday was postponed until noon on April 26, two days after the office skyscraper’s owner and trustee for lenders are slated to appear for a status conference before U.S. District Court Judge John T. Fowlkes on a related lawsuit.

The foreclosure sale was scheduled after In-Rel Properties, which owns the 34-story Clark Tower in East Memphis, defaulted on a $60.75 million loan payment to JPMorgan Chase Bank, according to a legal notice published Feb. 27.

In-Rel has contended it was in the process of refinancing with lenders after making $7 million in improvements on the property when the lender filed the foreclosure notice.


TOM BAILEY: Clark Tower foreclosure related to lenders' desire to foil refinancing arrangement, In-Rel says


In-Rel filed suit against the lenders and Wells Fargo - trustee for loan holder JPMorgan Chase Commercial Mortgage Securities – claiming the lenders are not following a refinance agreement that includes the forgiveness of more than $20 million of the loan.  

The hearing before Fowlkes on April 24 pertains to In-Rel’s suit.  

Florida-based In-Rel bought the office tower at 5100 Poplar in 2003 for $40.1 million.

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