A downtown Dallas office tower has returned to its lender after its owners failed to pay off a roughly $78 million dollar loan.<\/p>\n
Investors of the Morgan Stanley Capital I Trust 2016-UBS9 took control of 2100 Ross Ave<\/a>. following a foreclosure sale. The 33-story high-rise was previously owned by a partnership affiliated with Dallas-based Woods Capital and Pacific Elm Properties.<\/p>\n Wells Fargo was acting as trustee for the commercial mortgage-backed security. The winning credit bid was $52 million, according to California-based Assured Lender Services Inc., a foreclosure trustee firm that assisted in the process. The sale hadn’t been recorded in Dallas County records as of Oct. 15.<\/p>\n The Pacific Elm group originally owed $98 million against the property. Fitch Ratings classified the 2100 Ross loan<\/a> as a $79 million nonperforming matured balloon loan in May, meaning the debt wasn\u2019t paid off or refinanced before it was due.<\/p>\n At the time of auction, the partnership owed just over $78 million to the bank. The tower was recently flagged for foreclosure, according to Roddy’s Foreclosure Listing Service. The tower was valued at $99.4 million for tax purposes.<\/p>\n The 840,000-square-foot tower on the edge of the Arts District was built in the 1980s.\u00a0<\/p>\n In 2015, a partnership headed by Dallas businessman Tom Dundon<\/a> purchased the tower for $131 million from Atlanta-based Cousins Properties. Dundon, the former CEO of Santander Consumer USA, owns the NHL\u2019s Carolina Hurricanes and the NBA\u2019s Portland Trail Blazers.<\/p>\n