Bankruptcy

Local News: Montgomery Plaza Condo?s Posted for Foreclosure

By mcbride

One of the many success stories of the last decade is the revival of the 7th street area just west of downtown Fort Worth.  A dormant light industrial strip is now a bustling area.  It is filled with several condominium projects, a hotel, a high end retirement residence and many many restaurants and bars along with assorted offices.   But all is not well with this  overall development.  Along with rumors of past foreclosures or sales/transfers (e.g. a deed in lieu of foreclosure) done to obviate the need for a foreclosure, now comes the story of a posting of a large block of high end condo’s in Montgomery Plaza. 

“The 144 unsold condos in Montgomery Plaza on Fort Worth’s near west side — about 60 percent of the units — have been posted for a Feb. 1 foreclosure auction by the Granbury business that holds the note.

Wealth Diversified Fund in Dallas filed the posting Tuesday in Tarrant County on behalf of Granbury-based Lowry Donkey Farm. The posting also covers 80 percent of the common areas of the building on West Seventh Street near Trinity Park, according to the notice of substitute trustee sale.

Plano-based OMP Development borrowed $75 million from Citibank in 2007 to buy the upper seven floors of the historic Montgomery Ward store and catalog building from Kimco Real Estate. OMP has been redeveloping the building into 240 luxury condos. Several residents live in the converted building.”

Here is a link: http://www.star-telegram.com/2011/01/13/2767944/144-unsold-condos-in-fort-worths.html

Michael

Full post as published by Texas Lawyer Blog on January 14, 2011 (boomark / email).