$194M Multi-State Portfolio Faces Foreclosure

Six years after agreeing to lend $193,864,853.00 on 20 multi-family apartment complexes throughout the South, lender Column Financial, Inc., has initiated foreclosure proceedings against the portfolio owned by Alliance PP2 FX4 Limited Partnership and Everest PP2 FX$ Limited Partnership jointly referred to as “borrower” in the Deed of Trust.

Twelve of the properties are located in various Texas metro areas — including Dallas, Houston, Irving, Lewisville, Webster and N. Richland Hills — while the remaining apartment complexes are sited in the Albany and Warner Robbins areas in Georgia, and in Columbia, South Carolina.

As of yesterday, two of the 20 — both in Texas — have shown up on the RealtyTrac website, scheduled to be sold at public auction at the Denton County courthouse, 1450 E. McKinney, on April 2 at 1 p.m.

One of those is The Pinnacle Apartments, 146 Valley View Drive in Lewisville, Texas. Built in 1985, the complex consists of a total 130,600 square feet of living space on a 6.3 acre parcel. The existing mortgage on this property is valued at almost $6.5 million.

The other property being sold at the same auction is The Cedarbrook Apartments, 3750 Rosemeade Parkway in Dallas, Texas.  The 147,898 square feet complex was built in 1986 on 4.3 acres of land. The mortgage being foreclosed on is nearly $6.8 million.

A third property — Shadow Creek in North Richland Hills, Texas — is also scheduled to go to auction on April 2. That auction will be held at the Tarrant County Courthouse in Fort Worth at 10 a.m. The property has an existing mortgage of $9.7 million.

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