Foreclosure Auction on Horizon for Dallas Highrise

2100 Ross Ave., a 33-story office tower in downtown Dallas’ Arts District, could face a foreclosure auction. The Dallas Business Journal reports its owners may have defaulted on a $79 million loan.

Owned by Woods Capital and Pacific Elm Properties, the building went into foreclosure after its loan was not paid off by the due date.

Trigild IVL has been appointed receiver over 2100 Ross by a Dallas County court. The 840,000-square-foot tower is 53% occupied. The tower’s owners initially owed $98 million on a loan provided by Wells Fargo in 2016. Fitch ratings in June classified the $79 million debt tied to the tower as a nonperforming, matured balloon loan after it was not paid off in full or refinanced before its maturity due date.

The property is slated for auction on Oct. 6, but the foreclosure could be delayed or cancelled if the owners are able to work out a deal with the lenders prior to the planned sale.