- Roddy’s Foreclosure Listing Service shows flagged Texas commercial loans below $600 million for November auctions, down from more than $1 billion in October, with 33 properties headed to the block.
- A $56.7 million Goldman Sachs loan on Houston’s Offices at Pin Oak Park is the biggest new entry, and Harris County holds 13 of the 33 flagged properties.
- Apartments fill most of the new list, and nine loans have been posted before, so the lower total does not mean stress has cleared or that every property will sell.
Flagged troubled Texas loans fell below $600 million for November auctions after topping $1 billion in October, according to The Real Deal, citing Roddy’s Foreclosure Listing Service.
The largest new name is a $56.7 million Goldman Sachs loan on the Offices at Pin Oak Park, a Houston medical office complex. It makes up 10% of the month’s total.
Get Smarter About What Matters in Texas
Subscribe to our free newsletter covering the biggest commercial real estate stories across Texas — delivered in just 5 minutes.
By the Numbers
Thirty-three properties are flagged for auction. Of those, 13 are in Harris County, the most of any county on the list.
The total also includes nine loans flagged earlier and carried over into November.
Houston Office Park Leads
New York-based Norvin Healthcare Properties faces foreclosure on Pin Oak Park, a five-building complex on West Loop South. Built in 1975, the property spans 505,000 SF. Its 2018 loan works out to $112 per SF.
However, some borrowers may still reach agreements before their auction dates. For example, Austin owner Ari Rastegar told The Real Deal in October that he settled with lender Mesa Bridge Capital. The deal covered the $11.7 million Infinity Views loan ahead of its auction.
Apartments Fill the Rest
Velo Flats, a 70-unit property in Austin, carries an $11.3 million Thrive Lending loan from 2022. In Dallas, the 106-unit Legacy Lofts has an $8.4 million loan from Lima One.
Meanwhile, San Antonio’s 122-unit Onyx at Oslo Apartments carries a $19.6 million loan. Fort Worth’s 248-unit 500 Flats has a $25.5 million Arbor loan from 2022. The property also uses the “traveling” housing finance corporation structure. This routes tax-exempt status through an agency about 500 miles away.
Zoom Out
The 2022 loan vintage stands out. Both Velo Flats and 500 Flats carry loans from that year. In October, we covered Trepp data on floating-rate apartment loans. It showed that 2021 and 2022 loans accounted for 87.5% of Texas’ delinquent floating-rate balance.
Additionally, nine properties on this month’s list have faced foreclosure postings more than once. They include San Antonio’s 720-unit Highland Ridge Apartments, with a $60.5 million loan. The list also includes a 430,000 SF Houston office building at 1900 West Loop South, which carries a $40.4 million loan.
Why It Matters
A lower monthly total doesn’t necessarily signal improved conditions. According to The Real Deal, repeat postings can reflect ongoing lender negotiations or litigation.
Office properties remain part of the picture, too. In September, we reported that Woods Capital’s 2100 Ross, a 33-story Dallas tower, faced an Oct. 6 auction. The property carries a $98 million Wells Fargo loan.
What’s Next
Watch which of the 33 properties actually reach the courthouse steps. Borrowers and lenders sometimes reach agreements first. Meanwhile, December’s list will reveal how many November loans roll forward again.
