Judge stops Clark Tower foreclosure sale
MEMPHIS, Tenn. — A judge on Friday issued a preliminary injunction stopping a foreclosure sale of an East Memphis landmark.
Clark Tower, a 34-story office building at 5100 Poplar, had been set to go up for auction.
Wells Fargo Bank, trustee for a $60 million mortgage on Clark Tower, has said the building’s owners are in default after the loan matured last September. But In-Rel Properties says it has been in the process of refinancing that loan and expects to have the loan paid in full.
The New York judge who issued the injunction said it was undisputed that Clark Tower’s owners were current on their mortgage payments.
Clark Tower, built in 1973, and the I-Bank building next door represent the heart of the East Memphis office district.