Monday, March 26, 2012

Denver investor forecloses on Comerica Bank Tower

 Denver investor forecloses on Comerica Bank Tower

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An investor has foreclosed on part of the debt on Dallas' Comercia Bank Tower.

A Denver real estate investor said Wednesday that it has foreclosed on part of the debt on one of Dallas’ biggest office towers.
Dividend Capital Total Realty Trust said that it has foreclosed on a $20 million loan it held on the 60-storyComerica Bank Tower at 1717 Main St.
The primary mortgage on the 1.5 million-square-foot skyscraper has been handled by special debt servicers since last spring.
Dividend Capital said that it is the 100 percent owner of the titleholder of the office tower since it foreclosed on its nonperforming mezzanine loan.
“We intend to engage the mortgage note lender in negotiations to modify the terms of the senior loan agreement,” Dividend Capital said in filings with the U.S. Securities and Exchange Commission. “The results of such negotiations with the senior lender will materially impact our ability to own and operate Comerica Bank Tower.”
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