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A high-rise north of downtown Dallas is on the growing list of distressed local office buildings.
The Uptown Tower at 4144 North Central Expressway was built in 1982 and renovated in 1994.
The 253,561-square-foot, 12-story tower is more than 80% leased. Tenants in the building include Fiser Wealth, Worth Ross Management, Hotel Brokers of America and Hightower Law Group.
Since 2013, the building — previously known as Amberton Tower — has been owned by a Houston-based investor. In June, the mortgage on the more than $14 million in debt on the tower was transferred to special servicing, according to reports from Morningstar Credit.
In August, the building’s owner, Whitestone Uptown Tower LLC, was notified by lenders that the mortgage is in default. The loan is due Oct. 1.
In a Securities and Exchange Commission filing, the owner said it has “been working to extend the maturity date and to find new financing for the Uptown Tower property. “
But the investor said it “cannot provide any assurance that it will be able to obtain an extension of the Uptown Loan or new financing for its Uptown Tower property.”
Because of huge increases in interest rates in the last year and tighter lending standards, commercial property owners are facing unprecedented challenges in obtaining funding.
Owners of properties with expiring mortgages have been unable to acquire affordable refinancing.
As of last month, more than $3 billion in Dallas-Fort Worth commercial property loans were estimated to be in distress. Three Dallas-area office buildings were recently threatened with foreclosure by lenders.
A Richardson office campus on Bush Turnpike was recently surrendered to lenders. And another owner of multiple Dallas-area office buildings recently sought bankruptcy court protections.
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This article was originally published by a www.dallasnews.com . Read the Original article here. .