CHARLOTTE, NC-Bank of America has reached a settlement in principle with firms associated with locally-based real estate firm American Asset Corp. on more than $130 million in loans on commercial properties here and in Raleigh.
Bank of America and the AAC entities have agreed to a stay of all litigation for 30 days as part of the settlement in principle, the bank states in a court filing. If the settlement is consummated and approved, the bank says, it anticipates the lawsuit would be dismissed with prejudice, according to the Charlotte Business Journal.
The dispute between the lender and the AAC affiliates has been going on since late 2011 over properties in Charlotte and Raleigh, including three buildings in the Whitehall Corporate Center office park and a 152,000-square-foot industrial building in Shopton Ridge Industrial Park. BofA began foreclosure proceedings in 2011. In early 2012 the properties were placed into Chapter 11 bankruptcy protection. See story in the Charlotte Business Journal.