The Wilshire Village soap opera continues: A source sends Swamplot two trustee’s sale notices for the now-demolished 7.68-acre apartment complex at the corner of W. Alabama and Dunlavy.
How deep into it is the owner? There’s a first lien of $10,742,000 to Amegy Bank, now “wholly due and payable”! That lien dates from January 31, 2006 — the same date, according to HCAD, that the owner, a limited partnership named Alabama & Dunlavy Ltd., took over the property.
The second notice documents problems with Alabama & Dunlavy Ltd.’s separate mezzanine financing with Wedge Real Estate, in the amount of $3 million. That separate promissory note appears to date from May 30th of 2008. Both trustee’s sale notices are dated earlier this month.
Our source comments:
It is rather interesting that Wedge Holdings is the mezz lender, with Wedge being Mayor Bill White’s former company. I feel certain that Matt [Dilick] will avert foreclosure by filing bankruptcy, if he has not already done so.
Oh but if if if foreclosure somehow isn’t averted, where and when might eager Swamplotters be able to snap up this fine scraped property?
From the notices:
NOW, THEREFORE, NOTICE IS HEREBY GIVEN that on Tuesday, November 3, 2009, the Substitute Trustee will begin to sell the Mortgaged Property at the earliest at 10:00 a.m. or not later than three hours after that time, at public auction to the highest bidder for cash; such sale will be held in that area designated for such sales by Resolutions of the Commissioners’ Court of Harris County, Texas, such designated area being . . . the First Floor Lobby and 8,530 square feet of the contiguous covered area outside the First Floor Lobby, Harris County Family Law Center Building, 1115 Congress Street, City of Houston, Harris County, Texas . . .
- Wilshire Village coverage [Swamplot]