Two of the three notes exceed $20 million each, George RoddySr., president of Foreclosure Listing Service Inc. in Addison,tells GlobeSt.com. Twenty-three buildings with 383 units in an18-property portfolio, assembled by Glo Holdings Ltd. of Dallasabout six years ago, has made the June list in a call by lenderW2001 MHL Realty, on a $21-million note for holdings along GastonAvenue and Beacon Street in East Dallas, Roddy says. The samelender called a note for the 208-unit Parkview Legends, built in1998 at 1701 Park Central Dr. in McKinney, a Denton County suburbnorth of Dallas while another has started foreclosure for a$20.8-million note against Houston owner, Royal St. Moritz Ltd.,for a 336-unit development, also 1998 construction, at 2050 GraysonDr. in Tarrant County's Grapevine.

"In recent memory, this $40 million plus on two apartments isone of the most significant months we've had," Roddy says ofnumbers that showed 23 multifamily properties were facingforeclosure. "It's probably not over yet." The fallout isindicative of the market's meltdown from occupancies bolstered byconcessions and continued flat rents, he explains.

Overall, the June posting of 109 properties is up 16% overmidyear 2003 and down by 42 notices in the past two months."Certain income properties have been hit harder than others," hesays, citing hotel/motel assets as the continued problem area forthe region. Another seven are headed to the June auction block.