New York-based owner Opal Holdings is also at odds with financiers over Fort Worth's tallest tower.
ARLINGTON, TEXAS — Editor's note: This article was originally published on Click here for the article published in Dallas Business Journal.
An Arlington office park near Six Flags purchased by a New York investor in 2021 could face foreclosure by lenders.
Pinnacle Bank said Liberty Centerpoint LLC, an entity of New York-based Opal Holdings LLC, defaulted on a $40 million loan made by the bank in August 2021, according to Tarrant County filings. claims to have done so.
Opal Holdings purchased the renovated CenterPoint Office Park in Arlington from Boston-based Albany Road Real Estate Partners in 2021. The park is legally listed in Tarrant County records as a Six Flags Business Park.
The office park consists of four buildings located at 600, 616 and 624 Six Flags Drive and 2401 E. Randall Mills Road. The total area is approximately 450,000 square feet. TXRE Properties handles real estate rentals.
Opal Holdings, its attorneys, Pinnacle Bank and TXRE Properties did not respond to requests for comment.
The four buildings house a variety of tenants, including the North Central Texas Council of Governments at 616 Six Flags Drive.
The business park has a total assessed value of about $43 million, according to Tarrant Appraisal District records. The appraised value determined by the appraisal district is often lower than the market value.
A foreclosure auction is scheduled for May 7th. Nashville, Tennessee-based Pinnacle Bank has appointed Alan Castetter as receiver. Pinnacle and Opal could resolve the dispute by then to avoid a forced sale or agree to postpone putting the property on the auction block to continue negotiations.
Opal Holdings also owns Fort Worth's tallest tower, Barnett Plaza, and the property's lender, Pinnacle, claims the company defaulted on a loan on the 40-story building, according to a previous DBJ report. are doing. The bank alleges that Opal's entity, Barnett Cherry Street LLC, defaulted on a $13 million loan to Barnett Plaza. Barnett Cherry Street purchased the tower in 2021 for more than $130 million.
A Fort Worth tower is embroiled in drama as a result of mounting mechanic's liens and lawsuits from contractors against Opal Holdings for unpaid renovations. In a lawsuit filed April 2 in Tarrant County District Court, Opal and related entities allege that Pinnacle Bank attempted to force the building into default.
According to an April 1 report in the Minneapolis/St. has been done. Paul Business Journal, a sister publication of DBJ. Wings Financial alleges Opal has defaulted on a $41.3 million mortgage.
DBJ writer Holden Willen contributed to this report.
