Lenders plan to foreclose on a troubled Dallas office tower in December.
The 12-story Uptown Tower on the North Central Expressway has been in default since August. And lenders have signaled plans to take over the hot property.
The Houston-based real estate investor who owns the building at 4144 North Central Expressway was working on extending the loan or refinancing the property.
But the mortgage holder plans to foreclose on the 253,561-square-foot building on Dec. 5, according to filings with Dallas County.
The tower was originally financed in 2013 with a $16.45 million loan from Morgan Stanley Mortgage Capital Holdings LLC. More than $14 million in debt remains.
Built in 1982, the building (previously known as Amberton Tower) is more than 80% occupied by tenants Pfizer Wealth, Worth Roth Management, Hotel Brokers of America, and Hightower. It is leased to Law Group.
Even with high occupancy rates, rising interest rates and stricter lending standards over the past year have left commercial property owners facing unprecedented challenges in obtaining affordable financing.
It is estimated that more than $3 billion in commercial real estate loans in Dallas-Fort Worth are in default.
At the same time that lenders are threatening to foreclose on Uptown Tower, real estate agents are marketing the building for redevelopment as apartments or upgraded offices.
