A Philadelphia court ruling on Jan. 31 sided with lender TF Cornerstone in the Wanamaker building foreclosure case, eliminating the need for a trial. The decision puts the historic Center City office building on track for auction as TF Cornerstone moves to take control from Rubenstein Partners. The court partially granted TF Cornerstone’s motion for summary judgment on Rubenstein’s liability. In a November filing, TF Cornerstone claimed Rubenstein owed nearly $126 million on the loan for the 114-year-old property. A hearing to assess damages is set for Feb. 25.
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