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high-stakes legal battle is unfolding in Uptown Charlotte over a 32-story office tower. Lenders are pursuing foreclosure proceedings against the property's owner, citing a default on a $93.5 million loan from Citizens Bank and Synovus Bank used to finance the 2018 acquisition of 400 South Tryon for $133.5 million. The building spans 587,000 square feet, purchased at $227 per square foot.

    The lenders allege that over $90.7 million in outstanding principal and interest are due as of November 4, prompting them to sue the ownership last month. A court-appointed receiver, Lewis Taulbee from JLL, is overseeing the property. The lenders claim they've suffered irreparable harm due to their inability to take control of the asset.

    Uptown Charlotte remains a hub for development, with recent projects including the renovation of the Spectrum Center and an office-to-residential conversion of the former Duke Energy building. Despite challenges in the office market, the neighborhood saw a decrease in second-quarter vacancy rates due to increased leasing deals.