By Brian Planalp – Staff reporter, Cincinnati Business Courier
A downtown Cincinnati office tower owned by a Philadelphia real estate firm faces foreclosure.
The owner of 312 Plum St. has allegedly defaulted on its loan and is delinquent on debts to vendors, according to a case filed Dec. 30 in the Hamilton County Court of Common Pleas.
Philadelphia-based Rubenstein Partners acquired the 12-story office tower in 2015 with an $18.4 million mortgage loan currently held by Delaware-based Wilmington Trust National Association, an affiliate of M&T Bank Corp.
The complaint claims Rubenstein Partners defaulted on the loan sometime prior to April 2024, when the loan’s special servicer sent a delinquency default notice to the firm. The parties reached a discounted payoff agreement in June 2024, but Rubenstein Partners allegedly failed to comply with its terms, prompting Wilmington Trust to terminate the agreement in October.
Wilmington Trust subsequently brought the foreclosure suit, claiming Rubenstein Partners is liable for the remaining principal on the note as well as interest, late charges and fees, totaling $16.2 million.
The complaint seeks foreclosure of the mortgage, appointment of a receiver and sale of the property, with the proceeds applied to liens on the property and payment determined by order of priority.
Rubenstein Partners acquired the building at 312 Plum St. in a transaction that closed the same day as its purchase of 312 Elm St. The firm last year was hit with a nearly identical foreclosure action related to its alleged default on that building.
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