$40m Hecht’s foreclosure back on Foreclosures may be on the wane since they peaked in 2009, but the U.S. Bank National Association is still hoping to pull off a big one in 2011. The bank has once again scheduled a Jan. 6 foreclosure auction on the old Hecht Co. warehouse site at 1401 and 1403 New York Ave. NE.
The property was originally scheduled for a June 8, 2010, foreclosure auction after U.S. Bank and JPMorgan Chase Bank declared the owner, Patriot Equities LP of Wayne, Pa., in default on a $66 million acquisition and construction loan. (The remaining balance, according to the new foreclosure notice, is about $40.5 million.)
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