ST. LOUIS — The lender who helped a developer buy the vacant Railway Exchange building downtown is looking to cut its losses and walk away.Â
Real estate brokerage that Gamma Real Estate made to Hudson Holdings to acquire the building back in 2017. The loan has $15.5 million of unpaid principal with total owed indebtedness of approximately $41.1 million, according to an online listing from CBRE. An auction is scheduled for July 24 through July 26, with bids starting at $3.5 million.
Hudson Holdings' plans to convert the Railway Exchange into apartments and office space stalled, and lenders and contractors have been fighting in court over payment. An appeal from Gamma Real Estate in a creditor lawsuit is pending.
People are also reading…
The city's development arm last year moved to allow eminent domain on the property, potentially giving officials the ability to clear title on the building so a developer can move forward with a rehab.