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lawsuit has been filed against Alliance HP, a company based in Bryn Mawr, Pennsylvania, for failing to repay a $59.2 million mortgage that was due last year. The loan is secured by One Financial Plaza, a 28-story office tower located at 100 Southeast Third Avenue in downtown Fort Lauderdale. The lawsuit was filed by an affiliate of Atlanta-based lender Trimont in Broward County Circuit Court.

    According to real estate database Vizzda and court records, the loan was set to mature in October of last year, but Alliance HP failed to repay it. As a result, a receiver was appointed by Broward County Judge John Bowman to take over One Financial Plaza on the same day the lawsuit was filed.

    In 2019, an Alliance HP affiliate purchased the 560,000-square-foot building for $81.9 million, while another Alliance HP affiliate bought the land underneath the building for $35.1 million. The entity that bought the land then entered into a 99-year ground lease with the affiliate that bought the building.

    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.

    In 2019, the Alliance HP affiliate that owns the land obtained a $61.5 million loan from Minneapolis-based global investment firm Värde Partners. In 2021, Värde transferred the note to a Trimont affiliate, according to records.

    The lawsuit states that 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, as stated in the lawsuit.

    Trimont alleges that Alliance HP failed to repay the note and did not provide a sales contract with a buyer. Last year, Alliance HP lost an office property in Chicago to Värde rather than continue fighting a foreclosure complaint over a defaulted $78 million loan.