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.
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