Court Blocks Sale of East Memphis High Rise

A New York court has temporarily blocked the foreclosure sale of Memphis' Clark Tower, which was scheduled for noon today on the steps of the Shelby County Courthouse, the Daily Memphian reports. Judge Marcy S. Friedman of the Supreme Court of New York yesterday granted the preliminary injunction sought by Clark Tower LLC against the lenders of its $60.75 million mortgage loan. Florida-based In-Rel Properties is the public face of the Clark Tower ownership, but legally is only affiliated with owner Clark Tower LLC. Wells Fargo holds the mortgage as the trustee for JPMorgan Chase Commercial Mortgage Securities. Clark sued the lender claiming it “unreasonably withheld” its consent to allow a refinancing of its loan.
 
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