Khan's company forecloses on Barnett Bank building
JACKSONVILLE, Fla. – Stache Investments Corp. has filed a complaint to foreclose on the Barnett Tower Downtown, claiming it is owed almost $3.77 million as of Dec. 5, according to News4Jax news partner the Financial News & Daily Record.
Stache Investments, led by President Shad Khan, filed the foreclosure complaint May 22.
Barnett Tower LLC is led by manager Stephen Atkins.
The 18-story tower at 112 W. Adams St. was built in 1923. Atkins has been trying to renovate the tower for tenants.
Stache holds the promissory notes, mortgage and security agreement on the property.
Stache Investments says in the complaint that Barnett Tower LLC executed a promissory note for $3 million in March 2013 and a mortgage and security agreement, along with a second promissory note of $165,764.29 in June 2014.
Stache notified Barnett on Dec. 5 that it had failed to make payments and demanded immediate payment of $3,765,038.15.
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