Dallas Office Tower Seeks Receiver To Stop Foreclosure

Law360, Dallas (November 20, 2012, 8:04 PM EST) -- In an attempt to avoid foreclosure for an 18-story Dallas office building, a trust that holds the mortgage on the building asked a Texas state court Tuesday to appoint a receiver to manage the building while looking for a new buyer.

U.S. Bank NA, trustee for a Wachovia Bank commercial mortgage trust, said while it has the ability to foreclose out of court on the 360,000-square foot building, at 3500 Maple Ave. in the Uptown neighborhood, that option doesn’t make sense because outstanding debt on the...
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