Wednesday, February 29, 2012

Dallas-area office buildings facing foreclosure

DMN files
The 20-story Stemmons Place office project in Dallas and two more in Las Colinas are scheduled for foreclosure by GE Capital.
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Three Dallas-area office buildings with almost $150 million in debt are scheduled to be sold by the lender.
The commercial buildings threatened with forced sale include Dallas’ 20-story Stemmons Place complex on Stemmons Freeway near Love Field.
The 125 John Carpenter Freeway tower and the MacArthur Center in Las Colinas are also set for foreclosure on March 6, according to legal filing reports from tracking firm Foreclosure Listing Service.
California investor Equastone owns all three of the big office developments. The debt on the properties is held by GE Capital, which has made the foreclosure filings.
Equastone purchased the buildings in 2007 as part of an acquisition it made from Crescent Real Estate Equities Co. GE made a $300 million loan to finance the 3 million-square-foot office purchase.
But the recession has reduced the values of all of the properties.
The Stemmons Place tower has almost $55.6 million in debt but is valued for taxes at $29.5 million
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