KesslerDweller
18 September 2009, 10:12 PM
Looks like Incap is loosing some properties to foreclosure?
More than 250 Dallas-Fort Worth commercial properties posted for foreclosure
07:24 AM CDT on Friday, September 18, 2009
By STEVE BROWN / The Dallas Morning News
http://www.dallasnews.com/sharedcontent/dws/bus/stories/0919dnbusforeclose.18c98fa2a.html
More than 250 Dallas-Fort Worth area commercial and investment properties are scheduled for foreclosure next month.
The properties have more than $400 million in total debt, according to reports from Addison-based Foreclosure Listing Service Inc.
The just-completed Two Addison Circle office building on the Dallas North Tollway is scheduled for foreclosure action by lender Wachovia Bank. Wachovia lent developer Opus West LP – which is in bankruptcy – $40 million on the project.
And Amegy Bank has scheduled an Oct. 6 foreclosure for a 55-unit Highland Park apartment complex at 4201 Lomo Alto Drive. Built in 2000, the luxury rental complex is owned by an Austin investor, Highland Park Residences LP, that borrowed $17.3 million on the property when it was purchased in 2004, according to the foreclosure filing.
The monthly foreclosure postings also include filings on several vacant tracts of land in Oak Cliff along Davis Street, Kings Highway and Stevens Forest Drive. The properties had previously been the site of aging apartments, which were torn down.
Amegy Bank is now seeking to sell the land for repayments of more than $15 million on the properties.
The largest of the commercial postings this month is for foreclosure of 42 acres at the northwest corner of Walnut Hill Lane and North Central Expressway.
Not every property posted for foreclosure winds up being sold at the upcoming auction. Sometimes borrowers and lenders restructure the debt or the action is delayed.
So far this year about 1,500 commercial properties have been posted for foreclosure in the four-county D-FW area, according to Foreclosure Listing Service. Commercial postings are up more than 10 percent through September.
More than 250 Dallas-Fort Worth commercial properties posted for foreclosure
07:24 AM CDT on Friday, September 18, 2009
By STEVE BROWN / The Dallas Morning News
http://www.dallasnews.com/sharedcontent/dws/bus/stories/0919dnbusforeclose.18c98fa2a.html
More than 250 Dallas-Fort Worth area commercial and investment properties are scheduled for foreclosure next month.
The properties have more than $400 million in total debt, according to reports from Addison-based Foreclosure Listing Service Inc.
The just-completed Two Addison Circle office building on the Dallas North Tollway is scheduled for foreclosure action by lender Wachovia Bank. Wachovia lent developer Opus West LP – which is in bankruptcy – $40 million on the project.
And Amegy Bank has scheduled an Oct. 6 foreclosure for a 55-unit Highland Park apartment complex at 4201 Lomo Alto Drive. Built in 2000, the luxury rental complex is owned by an Austin investor, Highland Park Residences LP, that borrowed $17.3 million on the property when it was purchased in 2004, according to the foreclosure filing.
The monthly foreclosure postings also include filings on several vacant tracts of land in Oak Cliff along Davis Street, Kings Highway and Stevens Forest Drive. The properties had previously been the site of aging apartments, which were torn down.
Amegy Bank is now seeking to sell the land for repayments of more than $15 million on the properties.
The largest of the commercial postings this month is for foreclosure of 42 acres at the northwest corner of Walnut Hill Lane and North Central Expressway.
Not every property posted for foreclosure winds up being sold at the upcoming auction. Sometimes borrowers and lenders restructure the debt or the action is delayed.
So far this year about 1,500 commercial properties have been posted for foreclosure in the four-county D-FW area, according to Foreclosure Listing Service. Commercial postings are up more than 10 percent through September.