Office Complex Goes To Lender In Foreclosure Auction
February 5, 2009
A southwest Fort Worth office complex went to the lender who forced the property into Tuesdays foreclosure auction.
GE Real Estate made a $24.9 million bid to purchase the 450,000 square foot Overton Centre on the steps of the Tarrant County Courthouse.
The owners of the property told the Fort Worth Star Telegram that they found it impossible to refinance the property in the economic downturn.
Bill Cawley, president and chief executive of Cawley Partners in Dallas and head of the investor group that bought the buildings in 2005, described the lending climate as “brutal.”
“They would not deal with us,” Cawley said of GE Real Estate.
The office complex, near Hulen Street and Interstate 20, was posted for foreclosure after the owners were unable to pay off a $25.3 million loan that had been due in June.
Is Personal Bankruptcy the Right Choice?
Find out NOW! Complete the Free Bankruptcy Evaluation form below and one of our representatives will call you and help you decide if filing bankruptcy is right for you!