The historic Wanamaker Building has been placed in receivership as one of Center City’s most recognizable office properties struggles to retain tenants and debtholders pursue foreclosure to satisfy a $112 million unpaid mortgage balance.

An emergency petition filed by Wilmington Trust N.A. for the appointment of a receiver was granted Sept. 6, according to filings with the Court of Common Pleas in Philadelphia. Wilmington Trust represents investors in the commercial mortgage-backed securities (CMBS) that comprise the debt backed by the property.

*Article courtesy of Philadelphia Business Journal

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