Dallas Skyscraper Slides Toward Foreclosure, Debt Alarm
What’s Happening to The National Dallas: and When? When the calendar turns to next month’s first Tuesday, the 52-story mixed-use tower The National at 1401 Elm St. in downtown Dallas is scheduled to be sold at the Dallas County courthouse foreclosure venue under county rules. Foreclosure Deadline Starwood Capital Group is expected to file notice the preceding Friday, positioning the lender to take title. Similar situations sometimes include a 90-day cure period to develop strategies to avert foreclosure, but no such extension has been signaled here. Todd Interests, the current operator, has indicated it will not contest, and loan payments will stop at maturity. Ownership Shift About $230 million of debt remains outstanding, and the ownership timeline points from Todd Interests to Starwood following the auction process. The mixed-use program of apartments, hotel, offices, and retail is expected to keep running, supporting tenant continuity unless the new owner later changes plans. Rece...