
“The most difficult part of this journey is knowing that things could have turned out so differently,” The Pad’s founders say.
“The most difficult part of this journey is knowing that things could have turned out so differently,” The Pad’s founders say.
Civic Center Plaza sold for $125 million in 2019.
“This bank was started in 1987 and this is the largest bad loan in the history of our bank,” said the lender pushing the sale.
The owner also has a downtown tower in foreclosure.
The buyer submitted a $11.2 million credit bid for a property that fetched $23 million in 2014.
Harlequin Plaza is 70 percent occupied. Bellco Credit Union, which is headquartered there, is pursuing a sublease deal.
The Solarium building is owned by an Austin-based firm.
America’s Capital Partners still owns the nearby Tuscany Plaza building.
Fortress Capital’s takeover follows years of court battles with Nelson Partners.
“This project had been on a pause over the last six to eight months and during that time we did fall behind,” Flywheel Capital founder Ben Hrouda said.
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