Judge puts Riverfront Plaza into receivership, clearing path toward foreclosure

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The looming foreclosure of a pair of downtown high-rises took a step forward this week.

On Tuesday, a Richmond Circuit Court judge approved a motion to appoint a receiver to take control of Riverfront Plaza, the distressed twin-tower office complex at 901-951 E. Byrd St.

The hearing came about two weeks after Wells Fargo, representing the noteholders on the property, filed a lawsuit against Riverfront Plaza’s owner, California-based Hertz Investment Group.

The lawsuit claims that HIG is in default on a $146 million loan secured by the towers, and that additional defaults are set to occur when anchor tenant Truist Bank’s lease expires at the end of the month. The lawsuit states that the loan on the office complex is a nonrecourse loan, meaning i

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