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Lender Files Foreclosure on Four Seasons

LAS COLINAS, TX-The Dallas Morning News reports US Bank NA, seeking repayment of a $183 million loan, scheduled a forced sale for Feb. 2.

By Amy Wolff Sorter | Updated on January 14, 2010

LAS COLINAS, TX-U.S. Bank NA, seeking repayment of a $183 million loan on the Four Seasons Resort and Club Dallas has filed for foreclosure. The Dallas Morning News reports that the lender has scheduled a forced sale of the 400-room hotel for Feb. 2.

The article reports that Los Angeles owner BentleyForbes, which acquired the asset in 2006, has been in a dispute with the project’s lenders since fall 2009. The borrowers deliberately missed a scheduled payment on the 400-acre asset at 4150 N. MacArthur Blvd. to negotiate with the mortgage holders.

Withholding payment has been a common tactic in the current market to get lenders’ attention in attempts to renegotiate loans. However, the Morning News notes that the Four Seasons has been on watch lists of major properties carrying troubled debt for several months.

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