Friday, January 18, 2013

Dallas’ Thanksgiving Tower hit with foreclosure filing

Thanksgiving Tower has been posted by lenders for a Feb. 5 forced sale. 

One of downtown Dallas’ landmark skyscrapers has been hit with a foreclosure filing.
The 50-story Thanksgiving Tower has been posted by lenders for a Feb. 5 forced sale.
The 31-year-old mirrored glass high-rise at 1601 Elm St. is owned by California investor Younan Properties, which bought the property in 2007.
Berkadia Commercial Mortgage made the foreclosure filing on the tower, saying that the owners have defaulted on $84 million in debt, according to information from Addison-based Foreclosure Listing Service.

“We are current in our mortgage payments; however, the loan has matured,” Younan vice president Denise Davis said Thursday in an email. “The filing is something that we were expecting as it is a standard administrative process required by lenders.
“We are in negotiations with the special servicer to obtain an extension.” 
The 1.4 million-square-foot office building is valued for property taxes at just $65.7 million.
By STEVE BROWN Real Estate Editor
Follow Steve Brown on Twitter at @SteveBrownDMN.


Giash said...

Whoa, you are seriously ambidextrous. I am beyond impressed. Thanks for sharing.....Michael Shah (Specializes in identifying, financing, and managing real estate investments)

Mark John Acantilado said...

Sad to say that after being built with a $100 million price, it is now valued for only $65.7 million for property taxes, and with a staggering $84 million debt. That almost double the price when it was built. Their last resort is either the forced sale or get approved for an extension - which is going to be a bit risky since it will depend how long the extension would be. Texas MCE

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