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The latest interest rate cut provided hope for some commercial property owners on the brink of distress. But for others, it’s too late. At the Oct. 1 foreclosure sale in Houston’s Harris County, at least seven properties with mortgages totalling $260 million are set to be auctioned, according to Roddy’s Foreclosure Listing Service. The situation has been particularly dire for owners of older office space. Midway through this year, Houston’s office vacancy rate was 26.3 percent, according to a recent report from Partners Real Estate. That’s a jump from 24.7 percent a year before. Here’s a list of the biggest commercial properties facing foreclosure in Harris County next month. It’s possible that some of these borrowers and lenders reach agreements to avoid foreclosure before Oct. 1. OfficeOne RiverwayOne Riverway is a 25-story office building in Houston, just west of the Buffalo Bayou. Owner Beverly Hills-based Unilev Capital defaulted on an $80 million mortgage that German American Capital Corporation originated in 2015, according to the foreclosure notice. The 500,000-square-foot building was built in 1978 and renovated in 2020. 2900 WeslayanLender Frost Bank claims Houston-based Griffin Partners defaulted on a $19.35 million loan it provided in 2020 for the purchase of 2900 Weslayan. The six-story building was built in 1979 and spans 137,000 square feet. The property is located just south of River Oaks in Houston. 2401 Fountain View DriveIn 2020, Finial Group borrowed $17 million ($95.50 per square foot) to purchase a 178,000-square-foot office building located at 2401 Fountain View Drive in west Houston. Lender Woodforest National Bank moved to foreclose on the property last month. The 10-story building was constructed in 1981 and renovated in 2017. Multifamily Reserve at 6363Reserve at 63 at 6363 W Airport Blvd in Houston (Apartments.com)Lakewood, New Jersey-based Omni and Brook Holdings defaulted on a $37.25 million ($79,594 per unit) mortgage used to purchase the 468-unit Reserve at 6363 in 2022. Capital One originated the loan. The property was constructed in 1983 and is located at 6363 Airport Boulevard in southwest Houston.Park NorthPark North at 16112 N North Fwy in Houston (Apartments.com)Park North is a 372-unit apartment complex in north Houston at 16112 North Freeway. The owners defaulted on a $56.3 million ($151,344 per unit) loan provided by Arbor Realty in 2022. The owners are a group of LLCs associated with Florida-based Inman Equities. The property was built in 2008.Northbrooke Apartment HomesNorthbrook Apartments at 17111 Hafer Road in Houston (Northbrook)Mudra Investments defaulted on a $32.5 million ($135,417 per unit) loan from Arbor Realty, according to a foreclosure notice. The loan was for the purchase of the 240-unit Northbrooke Apartments Homes in 2022. Mudra Investments is based in Richmond, Texas, and managed by Rahul Patel. The property is located at 17111 Hafer Road in north Houston. Sutter RanchSutter Ranch Apartments at 10445 Greens Crossing Blvd, Houston (Apartments.com)In 2021, Berkeley Point Capital originally provided the $18.2 million mortgage for the purchase of Sutter Ranch, a 228-unit apartment complex at 10445 Greens Crossing Boulevard in northwest Houston. That’s just $79,824 per unit. The lender moved to foreclose on the property last month. The owner is Houston-based GenWealth Capital Group. "props":"pageProps":"mainMenu":["url":"https://therealdeal.com/latest/","label":"Markets","external":false,"childItems":"nodes":["label":"All Markets","url":"https://therealdeal.com/latest/","external":false,"childItems":"nodes":[],"__typename":"MenuItemToMenuItemConnection","__typename":"MenuItem","label":"Chicago","url":"https://therealdeal.com/chicago/","external":false,"childItems":"nodes":[],"__typename":"MenuItemToMenuItemConnection","__typename":"MenuItem","label":"Los Angeles","url":"https://therealdeal.com/la/","external":false,"childItems":"nodes":[],"__typename":"MenuItemToMenuItemConnection","__typename":"MenuItem","label":"National","url":"https://therealdeal.
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com/texas/houston/2024/09/27/260-million-in-houston-commercial-real-estate-loans-headed-to-auction/","date":"2024-09-27T16:09:21","contentTypeName":"post","contentFiltered":"\u003cp\u003e\u003cspan style=\"font-weight: 400;\"\u003eThe latest interest rate cut provided hope for some commercial property owners on the brink of distress. But for others, it’s too late.\u0026nbsp;\u003c/span\u003e\u003c/p\u003e\n\u003cp\u003e\u003cspan style=\"font-weight: 400;\"\u003eAt the Oct. 1 foreclosure sale in Houston’s Harris County, at least seven properties with mortgages totalling $260 million are set to be auctioned, according to Roddy’s Foreclosure Listing Service.\u0026nbsp;\u003c/span\u003e\u003c/p\u003e\n\u003cp\u003e\u003cspan style=\"font-weight: 400;\"\u003eThe situation has been particularly dire for owners of older office space. Midway through this year, Houston’s office vacancy rate was 26.3 percent, according to a recent report from Partners Real Estate. That’s a jump from 24.7 percent a year before.\u0026nbsp;\u003c/span\u003e\u003c/p\u003e\n\u003cp\u003e\u003cspan style=\"font-weight: 400;\"\u003eHere’s a list of the biggest commercial properties facing foreclosure in Harris County next month. It’s possible that some of these borrowers and lenders reach agreements to avoid foreclosure before Oct. 1.\u0026nbsp;\u003c/span\u003e\u003c/p\u003e\n\u003ch3 class=\"wp-block-heading\" id=\"h-office\"\u003e\u003cspan style=\"font-weight: 400;\"\u003eOffice\u003c/span\u003e\u003c/h3\u003e\n\u003cp\u003e\u003cstrong\u003eOne Riverway\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cspan style=\"font-weight: 400;\"\u003eOne Riverway is a 25-story office building in Houston, just west of the Buffalo Bayou. Owner Beverly Hills-based Unilev Capital defaulted on an $80 million mortgage that German American Capital Corporation originated in 2015, according to the foreclosure notice. The 500,000-square-foot building was built in 1978 and renovated in 2020.\u0026nbsp;\u0026nbsp;\u003c/span\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e2900 Weslayan\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cspan style=\"font-weight: 400;\"\u003eLender Frost Bank claims Houston-based Griffin Partners defaulted on a $19.35 million loan it provided in 2020 for the purchase of 2900 Weslayan. The six-story building was built in 1979 and spans 137,000 square feet. The property is located just south of River Oaks in Houston.\u0026nbsp;\u003c/span\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e2401 Fountain View Drive\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cspan style=\"font-weight: 400;\"\u003eIn 2020, Finial Group borrowed $17 million ($95.50 per square foot) to purchase a 178,000-square-foot office building located at 2401 Fountain View Drive in west Houston. Lender Woodforest National Bank moved to foreclose on the property last month. The 10-story building was constructed in 1981 and renovated in 2017.\u0026nbsp;\u003c/span\u003e\u003c/p\u003e\n\u003ch3 class=\"wp-block-heading\" id=\"h-multifamily-nbsp\"\u003e\u003cspan style=\"font-weight: 400;\"\u003eMultifamily\u0026nbsp;\u003c/span\u003e\u003c/h3\u003e\n\u003cp\u003e\u003cstrong\u003eReserve at 6363\u003c/strong\u003e\u003c/p\u003e\n\u003cfigure class=\"wp-block-image size-full\"\u003e\u003cimg loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"1000\" src=\"https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-reserve.jpg\" alt=\"$260 Million in Houston Commercial Real Estate Loans Headed to Auction\" class=\"wp-image-922814\" srcset=\"https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-reserve.jpg 1600w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-reserve-300x188.jpg 300w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-reserv
e-700x438.jpg 700w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-reserve-150x94.jpg 150w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-reserve-768x480.jpg 768w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-reserve-1024x640.jpg 1024w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-reserve-1400x875.jpg 1400w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-reserve-50x31.jpg 50w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" /\u003e\u003cfigcaption class=\"wp-element-caption\"\u003eReserve at 63 at 6363 W Airport Blvd in Houston (Apartments.com)\u003c/figcaption\u003e\u003c/figure\u003e\n\u003cp\u003e\u003cspan style=\"font-weight: 400;\"\u003eLakewood, New Jersey-based Omni and Brook Holdings defaulted on a $37.25 million ($79,594 per unit) mortgage used to purchase the 468-unit Reserve at 6363 in 2022. Capital One originated the loan. The property was constructed in 1983 and is located at 6363 Airport Boulevard in southwest Houston.\u003c/span\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003ePark North\u003c/strong\u003e\u003c/p\u003e\n\u003cfigure class=\"wp-block-image size-full\"\u003e\u003cimg loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"1000\" src=\"https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-park-north.jpg\" alt=\"$260 Million in Houston Commercial Real Estate Loans Headed to Auction\" class=\"wp-image-922813\" srcset=\"https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-park-north.jpg 1600w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-park-north-300x188.jpg 300w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-park-north-700x438.jpg 700w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-park-north-150x94.jpg 150w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-park-north-768x480.jpg 768w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-park-north-1024x640.jpg 1024w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-park-north-1400x875.jpg 1400w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-park-north-50x31.jpg 50w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" /\u003e\u003cfigcaption class=\"wp-element-caption\"\u003ePark North at 16112 N North Fwy in Houston (Apartments.com)\u003c/figcaption\u003e\u003c/figure\u003e\n\u003cp\u003e\u003cspan style=\"font-weight: 400;\"\u003ePark North is a 372-unit apartment complex in north Houston at 16112 North Freeway. The owners defaulted on a $56.3 million ($151,344 per unit) loan provided by Arbor Realty in 2022. The owners are a group of LLCs associated with Florida-based Inman Equities. The property was built in 2008.\u003c/span\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eNorthbrooke Apartment Homes\u003c/strong\u003e\u003c/p\u003e\n\u003cfigure class=\"wp-block-image size-full\"\u003e\u003cimg loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"1000\" src=\"https://static.
therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-northbrook.jpg\" alt=\"$260 Million in Houston Commercial Real Estate Loans Headed to Auction\" class=\"wp-image-922812\" srcset=\"https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-northbrook.jpg 1600w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-northbrook-300x188.jpg 300w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-northbrook-700x438.jpg 700w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-northbrook-150x94.jpg 150w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-northbrook-768x480.jpg 768w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-northbrook-1024x640.jpg 1024w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-northbrook-1400x875.jpg 1400w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-northbrook-50x31.jpg 50w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" /\u003e\u003cfigcaption class=\"wp-element-caption\"\u003eNorthbrook Apartments at 17111 Hafer Road in Houston (Northbrook)\u003c/figcaption\u003e\u003c/figure\u003e\n\u003cp\u003e\u003cspan style=\"font-weight: 400;\"\u003eMudra Investments defaulted on a $32.5 million ($135,417 per unit) loan from Arbor Realty, according to a foreclosure notice. The loan was for the purchase of the 240-unit Northbrooke Apartments Homes in 2022. Mudra Investments is based in Richmond, Texas, and managed by Rahul Patel. The property is located at 17111 Hafer Road in north Houston.\u0026nbsp;\u003c/span\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eSutter Ranch\u003c/strong\u003e\u003c/p\u003e\n\u003cfigure class=\"wp-block-image size-full\"\u003e\u003cimg loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"1000\" src=\"https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-sutter.jpg\" alt=\"$260 Million in Houston Commercial Real Estate Loans Headed to Auction\" class=\"wp-image-922815\" srcset=\"https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-sutter.jpg 1600w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-sutter-300x188.jpg 300w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-sutter-700x438.jpg 700w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-sutter-150x94.jpg 150w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-sutter-768x480.jpg 768w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-sutter-1024x640.jpg 1024w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-sutter-1400x875.jpg 1400w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-sutter-50x31.jpg 50w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" /\u003e\u003cfigcaption class=\"wp-element-caption\"\u003eSutter
Ranch Apartments at 10445 Greens Crossing Blvd, Houston (Apartments.com)\u003c/figcaption\u003e\u003c/figure\u003e\n\u003cp\u003e\u003cspan style=\"font-weight: 400;\"\u003eIn 2021, Berkeley Point Capital originally provided the $18.2 million mortgage for the purchase of Sutter Ranch, a 228-unit apartment complex at 10445 Greens Crossing Boulevard in northwest Houston. That’s just $79,824 per unit. The lender moved to foreclose on the property last month. The owner is Houston-based GenWealth Capital Group. \u003c/span\u003e\u003c/p\u003e\n","noAds":false,"alternativeHeadline":"subheadline":"At least seven properties on the block and up for grabs","__typename":"AlternativeHeadline","updatedPost":"updated":false,"date":"2024-09-27T16:22:00+00:00","__typename":"UpdatedPost","mainArt":"mediaType":"image","image":"node":"sourceUrl":"/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-1400x875.jpg","srcSet":"/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-1400x875.jpg 1400w, /wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-300x188.jpg 300w, /wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-700x438.jpg 700w, /wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-150x94.jpg 150w, /wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-768x480.jpg 768w, /wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-1024x640.jpg 1024w, /wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main-50x31.jpg 50w, /wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_Main.jpg 1600w","sizes":"(max-width: 1400px) 100vw, 1400px","caption":"\u003cp\u003eUnilev Capital\u0026#8217;s Raymond Levy with One Riverway, 2900 Weslayan, 2401 Fountain View Drive (Loopnet, Griffin Partners, Unilev)\u003c/p\u003e\n","altText":"$260 Million in Houston Commercial Real Estate Loans Headed to Auction","__typename":"MediaItem","__typename":"AcfMediaItemConnectionEdge","video":null,"caption":"Unilev Capital's Raymond Levy with One Riverway, 2900 Weslayan, 2401 Fountain View Drive (Loopnet, Griffin Partners, Unilev)","__typename":"MainArt","featuredImage":"node":"sourceUrl":"https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_FT-Thumbnail.jpg","srcSet":"https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_FT-Thumbnail.jpg 1200w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_FT-Thumbnail-300x213.jpg 300w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_FT-Thumbnail-700x496.jpg 700w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_FT-Thumbnail-150x106.jpg 150w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_FT-Thumbnail-768x544.jpg 768w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_FT-Thumbnail-1024x725.jpg 1024w, https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_FT-Thumbnail-50x35.jpg 50w","sizes":"(max-width: 1200px) 100vw, 1200px","caption":"\u003cp\u003eUnilev Capital\u0026#8217;s Raymond Levy with One Riverway, 2900 Weslayan, 2401 Fountain View Drive (Loopnet, Griffin Partners, Unilev)\u003c/p\u003e\n","altText":"$260
Million in Houston Commercial Real Estate Loans Headed to Auction","mediaDetails":"sizes":null,"__typename":"MediaDetails","__typename":"MediaItem","__typename":"NodeWithFeaturedImageToMediaItemConnectionEdge","__typename":"Post","template":"templateValue":"right-rail","__typename":"DefaultTemplate","seo":"title":"$260 Million in Houston Commercial Real Estate Loans Headed to Auction","fullHead":"\u003c!-- This site is optimized with the Yoast SEO Premium plugin v23.0 (Yoast SEO v23.0) - https://yoast.com/wordpress/plugins/seo/ --\u003e\n\u003cmeta name=\"description\" content=\"At the October 1 foreclosure sale in Harris County, at least seven properties are set to be auctioned, according to Roddy’s Foreclosure Listing Service.\" /\u003e\n\u003cmeta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" /\u003e\n\u003clink rel=\"canonical\" href=\"https://therealdeal.com/texas/houston/2024/09/27/260-million-in-houston-commercial-real-estate-loans-headed-to-auction/\" /\u003e\n\u003cmeta property=\"og:locale\" content=\"en_US\" /\u003e\n\u003cmeta property=\"og:type\" content=\"article\" /\u003e\n\u003cmeta property=\"og:title\" content=\"$260M in CRE loans head to Houston foreclosure auction\" /\u003e\n\u003cmeta property=\"og:description\" content=\"At the October 1 foreclosure sale in Harris County, at least seven properties are set to be auctioned, according to Roddy’s Foreclosure Listing Service.\" /\u003e\n\u003cmeta property=\"og:url\" content=\"https://therealdeal.com/texas/houston/2024/09/27/260-million-in-houston-commercial-real-estate-loans-headed-to-auction/\" /\u003e\n\u003cmeta property=\"og:site_name\" content=\"The Real Deal\" /\u003e\n\u003cmeta property=\"article:publisher\" content=\"https://www.facebook.com/therealdealmedia/\" /\u003e\n\u003cmeta property=\"article:published_time\" content=\"2024-09-27T20:09:21+00:00\" /\u003e\n\u003cmeta property=\"article:modified_time\" content=\"2024-09-27T20:22:01+00:00\" /\u003e\n\u003cmeta property=\"og:image\" content=\"https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_FT-Thumbnail.jpg\" /\u003e\n\t\u003cmeta property=\"og:image:width\" content=\"1200\" /\u003e\n\t\u003cmeta property=\"og:image:height\" content=\"850\" /\u003e\n\t\u003cmeta property=\"og:image:type\" content=\"image/jpeg\" /\u003e\n\u003cmeta name=\"author\" content=\"Jess Hardin\" /\u003e\n\u003cmeta name=\"twitter:card\" content=\"summary_large_image\" /\u003e\n\u003cmeta name=\"twitter:description\" content=\"The latest interest rate cut provided hope for some commercial property owners on the brink of distress. But for others, it’s too late.\u0026nbsp; At the Oct. 1 foreclosure sale in Houston’s Harris County, at least seven properties with mortgages totalling $260 million are set to be auctioned, according to Roddy’s Foreclosure Listing Service.\u0026nbsp; The situation [\u0026hellip;]\" /\u003e\n\u003cmeta name=\"twitter:creator\" content=\"@trdny\" /\u003e\n\u003cmeta name=\"twitter:site\" content=\"@trdny\" /\u003e\n\u003cscript type=\"application/ld+json\" class=\"yoast-schema-graph\"\u003e\"@context\":\"https://schema.org\",\"@graph\":[\"@type\":\"NewsArticle\",\"@id\":\"https://therealdeal.com/texas/houston/2024/09/27/260-million-in-houston-commercial-real-estate-loans-headed-to-auction/#article\",\"author\":\"name\":\"Jess Hardin\",\"@id\":\"https://therealdeal.com/#/schema/person/09e2e67cfb4148460b60b79feae2088e\",\"headline\":\"$260M in CRE loans head to Houston foreclosure auction\",\"datePublished\":\"2024-09-27T20:09:21+00:00\",\"dateModified\":\"2024-09-27T20:22:01+00:00\",\"wordCount\":517,\"publisher\":\"@type\":\"NewsMediaOrganization\",\"@id\":\"https://therealdeal.com/#organization\",\"name\":\"The Real Deal\",\"alternateName\":\"TRD\",\"url\":\"https://therealdeal.com/\",\"logo\":\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https://therealdeal.
com/#/schema/logo/image/\",\"url\":\"https://static.therealdeal.com/wp-content/uploads/2022/10/logo.jpg\",\"contentUrl\":\"https://static.therealdeal.com/wp-content/uploads/2022/10/logo.jpg\",\"width\":612,\"height\":143,\"caption\":\"The Real Deal\",\"sameAs\":[\"https://www.facebook.com/therealdealmedia/\",\"https://x.com/trdny\",\"https://www.instagram.com/therealdeal/\",\"https://www.linkedin.com/company/therealdeal/\",\"https://www.youtube.com/TheRealDealMagazineNewYork/\",\"https://en.wikipedia.org/wiki/The_Real_Deal_magazine\"],\"foundingDate\":\"2003\",\"masthead\":\"https://therealdeal.com/about\",\"image\":[\"@type\":\"ImageObject\",\"width\":1024,\"height\":725,\"caption\":\"Unilev Capital's Raymond Levy with One Riverway, 2900 Weslayan, 2401 Fountain View Drive (Loopnet, Griffin Partners, Unilev)\",\"url\":\"https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_FT-Thumbnail-1024x725.jpg\"],\"thumbnailUrl\":\"https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_FT-Thumbnail.jpg\",\"keywords\":[\"Distress\",\"Foreclosure\",\"Houston\",\"Commercial\"],\"inLanguage\":\"en-US\",\"articleBody\":\"The latest interest rate cut provided hope for some commercial property owners on the brink of distress. But for others, it’s too late.\u0026nbsp;\\nAt the Oct. 1 foreclosure sale in Houston’s Harris County, at least seven properties with mortgages totalling $260 million are set to be auctioned, according to Roddy’s Foreclosure Listing Service.\u0026nbsp;\\nThe situation has been particularly dire for owners of older office space. Midway through this year, Houston’s office vacancy rate was 26.3 percent, according to a recent report from Partners Real Estate. That’s a jump from 24.7 percent a year before.\u0026nbsp;\\nHere’s a list of the biggest commercial properties facing foreclosure in Harris County next month. It’s possible that some of these borrowers and lenders reach agreements to avoid foreclosure before Oct. 1.\u0026nbsp;\\nOffice\\nOne Riverway\\nOne Riverway is a 25-story office building in Houston, just west of the Buffalo Bayou. Owner Beverly Hills-based Unilev Capital defaulted on an $80 million mortgage that German American Capital Corporation originated in 2015, according to the foreclosure notice. The 500,000-square-foot building was built in 1978 and renovated in 2020.\u0026nbsp;\u0026nbsp;\\n2900 Weslayan\\nLender Frost Bank claims Houston-based Griffin Partners defaulted on a $19.35 million loan it provided in 2020 for the purchase of 2900 Weslayan. The six-story building was built in 1979 and spans 137,000 square feet. The property is located just south of River Oaks in Houston.\u0026nbsp;\\n2401 Fountain View Drive\\nIn 2020, Finial Group borrowed $17 million ($95.50 per square foot) to purchase a 178,000-square-foot office building located at 2401 Fountain View Drive in west Houston. Lender Woodforest National Bank moved to foreclose on the property last month. The 10-story building was constructed in 1981 and renovated in 2017.\u0026nbsp;\\nMultifamily\u0026nbsp;\\nReserve at 6363\\nReserve at 63 at 6363 W Airport Blvd in Houston (Apartments.com)\\nLakewood, New Jersey-based Omni and Brook Holdings defaulted on a $37.25 million ($79,594 per unit) mortgage used to purchase the 468-unit Reserve at 6363 in 2022. Capital One originated the loan. The property was constructed in 1983 and is located at 6363 Airport Boulevard in southwest Houston.\\nPark North\\nPark North at 16112 N North Fwy in Houston (Apartments.com)\\nPark North is a 372-unit apartment complex in north Houston at 16112 North Freeway. The owners defaulted on a $56.3 million ($151,344 per unit) loan provided by Arbor Realty in 2022. The owners are a group of LLCs associated with Florida-based Inman Equities. The property was built in 2008.\\nNorthbrooke Apartment Homes\\nNorthbrook Apartments at 17111 Hafer Road in Houston (Northbrook)\\nMudra Investments defaulted on a $32.
5 million ($135,417 per unit) loan from Arbor Realty, according to a foreclosure notice. The loan was for the purchase of the 240-unit Northbrooke Apartments Homes in 2022. Mudra Investments is based in Richmond, Texas, and managed by Rahul Patel. The property is located at 17111 Hafer Road in north Houston.\u0026nbsp;\\nSutter Ranch\\nSutter Ranch Apartments at 10445 Greens Crossing Blvd, Houston (Apartments.com)\\nIn 2021, Berkeley Point Capital originally provided the $18.2 million mortgage for the purchase of Sutter Ranch, a 228-unit apartment complex at 10445 Greens Crossing Boulevard in northwest Houston. That’s just $79,824 per unit. The lender moved to foreclose on the property last month. The owner is Houston-based GenWealth Capital Group.\",\"@type\":\"WebSite\",\"@id\":\"https://therealdeal.com/texas/houston/2024/09/27/260-million-in-houston-commercial-real-estate-loans-headed-to-auction/\",\"url\":\"https://therealdeal.com/texas/houston/2024/09/27/260-million-in-houston-commercial-real-estate-loans-headed-to-auction/\",\"name\":\"$260 Million in Houston Commercial Real Estate Loans Headed to Auction\",\"isPartOf\":\"@id\":\"https://therealdeal.com/#website\",\"image\":\"@id\":\"https://therealdeal.com/texas/houston/2024/09/27/260-million-in-houston-commercial-real-estate-loans-headed-to-auction/#primaryimage\",\"description\":\"At the October 1 foreclosure sale in Harris County, at least seven properties are set to be auctioned, according to Roddy’s Foreclosure Listing Service.\",\"inLanguage\":\"en-US\",\"accessibilityFeature\":[\"largePrint/CSSEnabled\",\"highContrast/CSSEnabled\",\"resizeText/CSSEnabled\",\"displayTransformability\"],\"@type\":\"WebSite\",\"@id\":\"https://therealdeal.com/#website\",\"url\":\"https://therealdeal.com/\",\"name\":\"The Real Deal\",\"description\":\"Real Estate News\",\"publisher\":\"@id\":\"https://therealdeal.com/#organization\",\"alternateName\":\"TRD\",\"inLanguage\":\"en-US\",\"@type\":\"NewsMediaOrganization\",\"@id\":\"https://therealdeal.com/#organization\",\"name\":\"The Real Deal\",\"alternateName\":\"TRD\",\"url\":\"https://therealdeal.com/\",\"logo\":\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https://therealdeal.com/#/schema/logo/image/\",\"url\":\"https://static.therealdeal.com/wp-content/uploads/2022/10/logo.jpg\",\"contentUrl\":\"https://static.therealdeal.com/wp-content/uploads/2022/10/logo.jpg\",\"width\":612,\"height\":143,\"caption\":\"The Real Deal\",\"sameAs\":[\"https://www.facebook.com/therealdealmedia/\",\"https://x.com/trdny\",\"https://www.instagram.com/therealdeal/\",\"https://www.linkedin.com/company/therealdeal/\",\"https://www.youtube.com/TheRealDealMagazineNewYork/\",\"https://en.wikipedia.org/wiki/The_Real_Deal_magazine\"],\"foundingDate\":\"2003\",\"masthead\":\"https://therealdeal.com/about\",\"@type\":\"Person\",\"@id\":\"https://therealdeal.com/#/schema/person/09e2e67cfb4148460b60b79feae2088e\",\"name\":\"Jess Hardin\",\"url\":\"https://therealdeal.com/author/jessica-hardin/\"]\u003c/script\u003e\n\u003cmeta name=\"region\" content=\"Texas\" /\u003e\n\u003clink rel=\"alternate\" type=\"application/rss+xml\" href=\"https://therealdeal.com/texas/feed/\" /\u003e\n\u003clink rel=\"alternate\" type=\"application/rss+xml\" href=\"https://therealdeal.com/sector/commercial/feed/\" /\u003e\n\u003cmeta name=\"sailthru.image.thumbnail\" content=\"https://static.therealdeal.com/wp-content/uploads/2024/09/260-Million-in-Houston-Commercial-Real-Estate-Loans-Headed-to-Auction_FT-Thumbnail-150x106.jpg\" /\u003e\n\u003cmeta name=\"sailthru.title\" content=\"$260M in CRE loans head to Houston foreclosure auction\" /\u003e\n\u003cmeta name=\"sailthru.date\" content=\"September 27, 2024\" /\u003e\n\u003cmeta name=\"sailthru.author\" content=\"Jess Hardin\" /\u003e\n\u003cmeta name=\"sailthru.tags\" content=\"Houston,Texas,Commercial,Distress,Foreclosure\" /\u003e\n\u003c!-- / Yoast SEO Premium plugin. --\u003e","__typename":"PostTypeSEO","bylineInformation":"authors":["id":"dXNlcjoxODcx","name":"Jess Hardin","uri":"https://therealdeal.
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