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Allegiance hands over Milwaukee office to avoid foreclosure

Charlotte-based Alegiance Realty Corp. has given up First Financial Centre in Milwaukee to avoid foreclosure.

Charlotte-based Alegiance Realty Corp. has given up First Financial Centre in Milwaukee to avoid foreclosure.







Jen Wilson
Associate Editor/Online- Charlotte Business Journal

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The Charlotte-based owner of a downtown Milwaukee office building has given the property back to a trust to avoid a foreclosure, The Business Journal of Greater Milwaukee reports.

Alegiance Realty Corp., based here, bought the 153,200-square-foot First Financial Centre building in the heart of downtown Milwaukee in 2007 for $10.7 million, according to the article.

Allegiance last week gave the building to a trust that owns the First Financial Centre’s mortgage, according to state records. The trust was created in 2007 by J.P. Morgan Chase Commercial Mortgage Securities Corp.

The property, valued at $9.2 million, was handed off to avoid a foreclosure.

Jen Wilson coordinates the Charlotte Business Journal’s online operations, chronicles local events for CBJ Seen and takes photographs.


Article source: http://www.bizjournals.com/charlotte/blog/morning-edition/2012/07/allegiance-hands-over-milwaukee-office.html

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