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Houston Highrise Facing Foreclosure
Owners of a 25-story Uptown Houston office building having fallen behind on payments on a $69 million loan balance that is scheduled to mature in the next few weeks. One Riverway, a South Post Oak Land and riverway Drive, is owned by Unilev.
One Riverway, a 507,565-square-foot tower, is part of a two-building office portfolio. The other building, Three Riverway, does not appear to be incurring the same issues.
One Riverway was built in 1978 and last renovated in 2020.
The Houston Business Journal reports the building’s owners secured an $80 million loan from GACC in February 2015 for the property’s purchase. By last week, Unilev’s mortgage balance was $69 million. Wells Fargo is the master servicer managing the trust that acquired the loan in question from GACC in 2015. The loan is scheduled to mature March 1.
Last month, the building was 51% occupied.
- ◦Financing
- ◦Economy
