PITTSBURGH-The Standard Life Building is facing a foreclosure action by First Commonwealth Bank over financing in excess of $5 million.
The bank seeks a total debt balance of $5.84 million that includes the 2008 loan principal, interest, late charges and a swap termination fee from an affiliate of Elizabeth, PA-based McHolme Builders Inc., which it charges in court records has defaulted on the loan, according to the Pittsburgh Business Journal.
The former office building at 345 Fourth Ave. in downtown Pittsburgh was converted to student housing after McHolme acquired the property in 2005 for $1.1 million. Silver King Housing, a McHolme affiliate, manages the building for student housing for the Art Institute of Pittsburgh. The building includes 36 residential units occupied by 142 students. See story in the Pittsburgh Business Journal.
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