According to an article in the Dallas Morning News , the high-profile Opus West owned shopping center and apartment complex near the Galleria is facing foreclosure.
The article said:
The Broadstone Parkway development on Inwood Road just north of LBJ Freeway is one of several North Texas properties built by Opus West Corp. The Phoenix developer is in bankruptcy and plans to auction off many of its holdings next month. But Bank of America has filed for foreclosure on the property west of the Galleria, which has $45.85 million in debt…Completed last year, the Broadstone Parkway project has 333 rental units and 40,000 square feet of retail space on eight acres.”
The quality and level of properties facing foreclosure is transforming. The total debt of commercial properties facing foreclosure in August totals more than $546 million. Previously, it was mostly older, poorly located properties that faced foreclosure; but now many more expensive and upscale properties are succumbing to the foreclosure crisis. Many commercial property investors are overleveraged, overextended and unable to repay or refinance commercial loans that are due, causing many to face foreclosure or even bankruptcy like Opus. As the foreclosure crisis grips the commercial real estate industry would should expect to see more troubles at of this industry.