DALLAS-A 50-story downtown landmark has fallen into foreclosure.
The Dallas Morning News says the the 31-year-old Thanksgiving Tower could be subject to a Feb. 5 forced sale. The building at 1601 Elm St. is owned Younan Properties, a California commercial real estate investment company. Younan bought the building in 2007. Two other Younan properties in downtown Dallas, KPMG Center and Patriot Tower, previously went into the hands of lenders.
Berkadia Commercial Mortgage made the foreclosure filing on the tower, saying that the owners have defaulted on $84 million in debt, according to information from Addison-based Foreclosure Listing Service.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
