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The sale of the One American Place place property downtown has been delayed.
According to a representative with the East Baton Rouge Parish Sheriff’s Office, the sale date for the property has been pushed back to Nov. 13.
The sheriff’s office seized the property earlier this summer after a lawsuit was filed claiming the owners defaulted on the mortgage.
According to the suit filed in 19th Judicial District Court, One American Place Operating LLC owes Wilmington Trust National Association roughly $23.9 million.
Court documents show that One American Place Operating borrowed $31.5 million from JPMorgan Chase in August 2018. The agreement called for One American Place to make monthly debt service payments and pay off the loan on its Sept. 1, 2023, maturity date.
The sheriff’s sale was initially scheduled for Oct. 2, but the plaintiff’s attorney requested a later date, according to EBRSO.
The Wilmington Trust attorney can push the sale back at any time. One American Place Operating LLC can stop the sale by filing for bankruptcy.
One American Place was built in 1974 and renovated in 2003. The building is home to several businesses including Capital One Bank, KPMG and Breazeale, Sachse & Wilson.
A staple in One American Place for 31 years, business law firm McGlinchey Stafford recently announced it will move its Baton Rouge operations into II Rivermark Centre in June.
One American Place Operating LLC is connected to real estate investment firm Gemini Rosemont. Business filings with the Louisiana Secretary of State’s office list former Gemini Rosemont CEO Ian Brownlow as an LLC manager. Gemini Rosemont Chief Financial Officer Michael Hernstad is the other manager.
Lacey Rochester and Kaylan Richardson with Baker Donelson represent Wilmington National Trust Association and declined comment.
