Alliance HP could lose a downtown Fort Lauderdale office tower to foreclosure.
An affiliate of Atlanta-based lender Trimont on Tuesday filed a foreclosure complaint in Broward County Circuit Court that alleges Bryn Mawr, Pennsylvania-based Alliance HP defaulted on a $59.2 million mortgage that matured in October of last year, according to real estate database Vizzda and court records.
The loan is secured by One Financial Plaza, a 28-story office tower at 100 Southeast Third Avenue that was completed in 1972, records show. The same day the lawsuit was filed, Broward County Judge John Bowman appointed a receiver to take over One Financial Plaza.
In 2019, an Alliance HP affiliate paid $81.9 million for the 560,000-square-foot building, and another Alliance HP affiliate bought the land underneath the building for $35.1 million. About the same time, the entity that bought the land entered into a 99-year ground lease with the affiliate that bought the building, records show.
Tenants at One Financial Plaza include a Regions Bank branch, Gentle Giant Moving Company and the Law Office of Joseph Fasone.
Alliance HP is led by co-founders Clay Hamlin III and Richard Previdi. Trimont’s attorney and Previdi both declined comment.
In 2019, the Alliance HP affiliate that owns the land obtained a $61.5 million loan from Trimont’s parent company, Minneapolis-based global investment firm Värde Partners. In 2021, Värde transferred the note to a Trimont affiliate, records show.
According to the lawsuit, Alliance HP entered into a forbearance agreement extending the maturity date from Oct. 1, 2023 to Dec. 1, 2023, but still failed to repay the loan on the new due date. Trimont granted Alliance HP two more forbearance requests, extending the maturity date until July 29 of this year to give the borrower time to find a buyer, the lawsuit states
Trimont alleges that Alliance HP failed to repay the note and has not provided a sales contract with a buyer.
Last year, Alliance HP lost an office property in Chicago to Värde. The firm handed over Triangle Plaza, a two-tower complex near O’Hare International Airport in the Windy City, to Värde rather than continue fighting a foreclosure complaint over a defaulted $78 million loan.