The lenders (Norstar) for the 42-story 1M SF 1401 Elm project in Downtown Dallas could be on the auction block since Olympic Property Partners has backed out of the deal. The tower was on Foreclosure Listing Services’ January foreclosure auction list. The loan value is listed at $53.5M. This is the second month in a row that the building has been on the foreclosure list, reports the Dallas Business Journal.
The redevelopment of the 50-year-old building was already started with much of the asbestos abatement completed. Olympic was partnering with BDRC Partners on the redevelopment of the old 52-story First National Bank Tower. [DBJ]
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