tmerrick posted on December 16, 2010 22:28
Plaza 35, a 194,700-square-foot office building in North Austin, was repossessed by its lender Tuesday after the property went to auction, according to Foreclosure Listing Service Inc.
The building, fully leased to Dell Financial Services LP at 12243 I-35 North, was bought back by Nomura Credit & Capital Inc. for a winning bid of $9.3 million.
The property had been posted for foreclosure after its owner, Chase Merritt, a privately-owned commercial and residential real estate asset management and investment management firm headquartered in Irvine, Calif., defaulted on a $20 million loan with Nomura that Chase Merritt took out in June 2007.
On LoopNet, real estate capital advisory firm Holliday Fenoglio Fowler LP HFF had posted the loan’s note for sale for an undisclosed amount.
“For sale is the non-performing $20,445,000 mortgage loan secured by Plaza 35,” the listing states. “The loan is currently in maturity default/foreclosure and is non-recourse except for standard carveouts. No subordinate debt exists behind the loan.”
Another high-profile office building in Round Rock scheduled to go to auction Tuesday didn’t end up being processed so its future remains unclear.
A 46,530-square-foot building at Travesia Corporate Park was posted for foreclosure by its lender Colonial Savings. The development totals 176,000 square feet in three buildings (office and flex-space) near the intersection of Mopac Expressway and State Highway 45.
Colonial posted the property at Grand Avenue Parkway and FM 1325 for foreclosure after the owner defaulted on a $29.9 million loan that the owner, Champion Partners, took out in September 2007.
For more information on the properties and foreclosure filings click here.
12/8/10, Austin Business Journal, Francisco Vara-Orta