A Denver real estate investor said Wednesday that it has foreclosed on part of the debt on one of Dallas’ biggest office towers.
Dividend Capital Total Realty Trust said that it has foreclosed on a $20 million loan it held on the 60-story Comerica Bank Tower at 1717 Main St.
The primary mortgage on the 1.5 million-square-foot skyscraper has been handled by special debt servicers since last spring.
Dividend Capital said that it is the 100 percent owner of the titleholder of the office tower since it foreclosed on its nonperforming mezzanine loan.
“We intend to engage the mortgage note lender in negotiations to modify the terms of the senior loan agreement,” Dividend Capital said in filings with the U.S. Securities and Exchange Commission. “The results of such negotiations with the senior lender will materially impact our ability to own and operate Comerica Bank Tower.”
That $180 million mortgage is set to come due in 2017.
Officials with Dividend Capital did not respond Thursday to requests for more information about their foreclosure on the Dallas building.
Since 2006, New York-based Metropolitan Real Estate Investors LLC has owned the Comerica Bank Tower. Metropolitan Real Estate Investors had previously requested modifications of the debt with bondholders.
Friday, March 30, 2012
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