New York-based owner Opal Holdings is also in a standoff with the lender over Fort Worth’s tallest tower
ARLINGTON, Texas — Editor’s note: This article was originally published in the Dallas Business Journal here.
An Arlington office park near Six Flags that was bought by a New York investor in 2021 could now face foreclosure by its lender.
Pinnacle Bank alleges Liberty Centerpoint LLC, an entity of New York-based Opal Holdings LLC, has defaulted on a $40 million loan the bank made in August 2021, according to the Tarrant County filing.
Opal Holdings bought the renovated Centerpoint office park in Arlington from Boston-based Albany Road Real Estate Partners in 2021. The park is legally listed as the Six Flags Business Park in Tarrant County records.
The office park is made up of four buildings at 600, 616 and 624 Six Flags Drive and 2401 E. Randol Mills Road. It totals to about 450,000 square feet of space. TXRE Properties handles the leasing of the property.
Opal Holdings and its lawyers, Pinnacle Bank and TXRE Properties did not immediately respond to requests for comment.
The four buildings house a variety of tenants, including the North Central Texas Council of Governments, which is at 616 Six Flags Drive.
In total, the appraised value of the business park is about $43 million, according to Tarrant Appraisal District records. Valuations by appraisal districts are often lower than market value.
A foreclosure auction is scheduled May 7. Nashville, Tenn.-based Pinnacle Bank has appointed Alan Castetter as trustee. It’s possible that Pinnacle and Opal resolve the dispute by then, avoiding a forced sale, or agree to postpone putting the property on the auction block to continue negotiations.
Opal Holdings also owns the tallest tower in Fort Worth, Burnett Plaza, and Pinnacle, a lender on that property as well, also alleges the firm defaulted on a loan on the 40-story building, according to past DBJ reporting. The bank claims Burnett Cherry Street LLC, an Opal entity, defaulted on a $13 million loan on Burnett Plaza. Burnett Cherry Street bought the tower for more than $130 million in 2021.
The Fort Worth tower is embroiled in drama as mechanics’ liens and lawsuits against Opal Holdings pile up from contractors who say they haven’t been paid for renovation work. In an April 2 lawsuit filed in Tarrant County district court, Opal and related entities alleged Pinnacle Bank has tried to push the building into default.
Another entity tied to Opal has been sued by Minnesota credit union Wings Financial, which seeks to foreclose a portion of the largest office park in the Twin Cities area, according to an April 1 report by the Minneapolis/St. Paul Business Journal, a sibling publication of DBJ. Wings Financial claims Opal defaulted on a $41.3 million mortgage.
DBJ reporter Holden Wilen contributed to this report.
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