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.
“We are current in our mortgage payments; however, the loan has matured,” Younan vice president Denise Davis said Thursday in an email. “The filing is something that we were expecting as it is a standard administrative process required by lenders. We are in negotiations with the special servicer to obtain an extension.”
The Morning News said the building has 1.4 million square feet of space and is valued at $65.7 million for property tax purposes.
Click Dallas Morning News for the full story.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
