Real estate agent Sandra Gunn informs us that the Montage, the second glass Almeda St. tower across from Hermann Park, was foreclosed on yesterday. Originally named Mosaic to match its adjacent twin directly to the north, the Montage has been a rental property since it was completed.
Almost exactly a year ago, the developer of both buildings — a limited partnership between Phillips Development & Realty and Florida Capital Real Estate Group — declared bankruptcy in order to avoid foreclosure on the Mosaic, which at the time was officially a condominium tower. And Florida Capital’s chief operating officer expressed hope that the Montage’s separate $71 million loan with Corus Bankshares could be renegotiated.
But none of this went well for the bank: Last September, the FDIC seized Corus, a few days after the Chicago Bank foreclosed on the Mosaic. The federal agency then sold 40 percent of the bank’s extensive real estate assets to a group calling itself Northwest Investments — a venture of Starwood Capital Group, TPG Capital Group, Perry Capital, and WLR LeFrak. It appears that both towers are now owned jointly by Northwest and the FDIC, but we haven’t come across any official confirmation.
For their efforts, the Montage and the Mosaic earned second place in the Best Vacancy category of our recently completed Swamplot Awards for Houston Real Estate. Have any more details on the towers and this transaction to contribute? We’re all ears!
- Mosaic and Montage coverage [Swamplot]
Photo of Mosaic and Montage from Hwy. 288: Gina Regenbogen