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GlobeSt.com EXCLUSIVE: Dallas Lender Seizes 674 Units for $17M Debt

DALLAS-Two owners hand over keys to 589 units at three Arlington complexes and 85 units on the Highland Park line in Dallas to PNL/Blackacre. Two more take-backs are pending from an eight-property, $33-million HUD loan purchase.

By Connie Gore | Updated on December 08, 2002

DALLAS-A Dallas-based mortgage holder has claimed the keys to 674 units in Dallas and Arlington after getting the notes in a $33-million pool of eight HUD non-performing loans. The properties had a combined outstanding debt of nearly $17 million.

PNL/Blackacre SW LLC took the properties as settlement in lieu of debt. In Arlington, the mortgage holder got 589 units at the Eastwood, Westwood and Ballpark Apartments in the high-traffic Collins Avenue corridor near Interstate 30 in Arlington. In Dallas, it got the 85-unit Highland Court near the boundary line of Highland Park, one of the city’s priciest residential areas.

Two more properties are ticketed to go back to PNL/Blackacre. One, though, won’t be “friendly,” David W. Porter, PNL Cos.’ president, tells GlobeSt.com. For now, he’s not saying which two in the eight-property portfolio are in jeopardy.

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