Friday, June 22, 2012

Westdale Capital Buys Unsold Palomar Condos

By Steve Brown Dallas Morning News
Dallas-based investor Westdale Capital Investors has bought the unsold units in the Palomar condominium tower and will soon begin marketing them for sale.
The nine-story residential high-rise at North Central Expressway and Mockingbird Lane has suffered from slow sales and debt problems.
Now, Westdale plans to reinvigorate the project with its new investment and marketing plans.
“The Residences at Hotel Palomar is a spectacular property that suffered from bad market timing,” Westdale’s Andrew Schmeltekopf said Tuesday. “We are committed to re-establishing the property as a for-sale luxury condominium project with hotel amenities.
“The location of Central Expressway and Mockingbird is as good as it gets, and will only get better with the Bush Library and Katy Trail” expansion, he said.
In April, Westdale purchased the more than $20 million mortgage on the building, which was made to its owner, a partnership set up by Behringer Harvard of Addison.
Behringer Harvard stopped making payments on the loan when it was sold to Westdale by Credit Union Liquidity Services LLC.
Last week, Westdale took ownership of the Palomar Residences through a deed in lieu of foreclosure, county records show.
The purchase included 39 unsold condos and land next door that was earmarked for a second residential building...