The demolished Wilshire Village Apartments appear to have been rescued from threatened foreclosure. A source tells Swamplot that the $13 million the owners owed to Wedge Real Estate Finance has been paid off in full — within days of a scheduled trustee sale. Where’d all that money come from?
If this Wilshire Village rescued owner-in-distress situation sounds familiar to you, you aren’t alone. Jay Cohen, the longtime sole owner of the apartments that stood at the corner of West Alabama and Dunlavy until last summer, faced foreclosure on the property back in 2002, according to a Houston Business Journal article written at the time by Nancy Sarnoff. Details of what happened next have never been published, but within a few years the 7.68-acre property had a new ownership structure, and apartment developer and former director of real estate for Landry’s Restaurants Matthew Dilick was its general partner. (Jay Cohen is likely a limited partner.)
So . . . who’s Dilicking Dilick, now that his own rescue efforts have flopped? Does the Wilshire Village site have a new owner?
We’re piecing that information together this morning. And a bit later, we’ll have a few clues to share. In the meantime, if you’ve got any inside info, we hope you’ll share it with us. (A note to those of you who haven’t sent us tips before: If you spill your secrets to us, we’ll keep yours; Swamplot does not reveal the identity of its sources.)
- Apartment owner files as foreclosure looms [Houston Business Journal]
- Wilshire Village coverage [Swamplot]