A historic building in Fort Worth has joined a growing number of troubled office properties taken back by lenders.
Legacy Bank & Trust has assumed ownership of the 167K SF Oil & Gas building on West 7th Street in Downtown Fort Worth. A partnership between Wolfe Investments and BlueLofts had planned to convert the property to apartments.
:quality(75))
The Missouri-based bank provided a $12.3M loan for the building’s acquisition in 2023, The Dallas Morning News reported.
This isn’t the first property Wolfe Investments has lost to its lender. The Plano-based firm also owned 211 N. Ervay in downtown Dallas but defaulted on the property’s short-term loan not long after it was purchased in 2023, according to The Real Deal. The 185K SF building was also earmarked for a residential conversion. It sold for $8M at a Feb. 6 foreclosure action, per CoStar records.
Wolfe Investments President Kenny Wolfe is now the subject of a lawsuit alleging he used a $6.2M loan intended to help pay for 211 N. Ervay to open a line of credit that helped him obtain lending for the Oil & Gas building, per the TRD.
Wolfe Investments was founded in 2010 by Wolfe and his wife Teresa. The firm initially focused on multifamily real estate in North Texas but now owns more than 60 properties across several cities, including 33 in DFW.
The Oil & Gas building is scheduled to be sold at auction on March 5.
)
)
)
)
)
)
)
)
)
)
)
)