Dallas-Fort Worth commercial real estate foreclosures hit 1,649 for year
07:30 AM CDT on Tuesday, May 18, 2010
By STEVE BROWN / The Dallas Morning News
stevebrown@dallasnews.com
Commercial real estate properties with almost $880 million in debt are scheduled for foreclosure in the Dallas - Fort Worth area next month.
About 256 holdings, including offices, shopping centers, warehouses, apartments and commercial land, are included in the June commercial foreclosure postings, according to data from Foreclosure Listing Service.
That brings the total postings for the first six months of 2010 to 1,649.
Year-over-year figures aren’t available, but in mid-April – before the latest filings were recorded – commercial foreclosures in the D-FW area were up 60 percent from a year ago.
While residential foreclosure filings have fallen for the last two months in North Texas , there’s no sign that commercial loan defaults are easing.
“It’s going in two different directions,” said Foreclosure Listing Service president George Roddy. “Commercial foreclosures are going to be up at least 60 percent this year.”
Many of the largest commercial property filings for next month’s auctions are repeats.
The Four Seasons Hotel and Resort in Las Colinas and the Park Center office building in Plano – both owned by California-based real estate investor Bentley Forbes – are back on the list. So is Le Meriden Hotel in Far North Dallas.
But there are plenty of just-added properties, too, including a new shopping center at Hillcrest Road and Northwest Highway in North Dallas with $15.5 million in original debt.
Many more commercial properties in North Texas are considered likely to default on their debt and could be threatened with foreclosure.
The latest estimate by Trepp LLC, a New York company that provides commercial real estate data and analytics, is that almost $1.7 billion in local commercial property mortgages are already behind in payments.
The largest share – about 17 percent – of the delinquent commercial mortgages are for hotel properties.
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