The Real Deal:
A Wells Fargo-managed trust is looking to foreclose on a 618-unit co-op development in Astoria after its owners failed to make a loan payment.
French bank Natixis issued a $45 million mortgage in April 2017 on Acropolis Gardens, the 16-building complex bordered by Ditmars Boulevard, and 33rd and 34th streets. The debt was pooled into a securitized trust managed by Wells Fargo, according to court documents, with monthly repayments of $13,596.
But the Wells Fargo-managed trust filed a foreclosure action on Monday, after the property’s condominium board, Acropolis Gardens Realty Corp., missed a July payment.
The failed payment followed the trust’s discovery of multiple legal actions against the condo board.