Tuesday, November 24, 2009

Uptown's Mondrian tower won't be sold despite foreclosure posting

One of Uptown's most prominent residential towers is posted for foreclosure. But the owners and lenders of the 20-story Mondrian Cityplace apartment high-rise say it won't be sold at next month's foreclosure auction.

The Mondrian Cityplace high-rise was built in 2003.
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Built in 2003, the eye-catching rental building at McKinney Avenue and Blackburn Street is a landmark overlooking the West Village complex.

The 218-unit building is owned by ZOM Cityplace LP, a partnership organized by Florida-based developer ZOM Inc.

Dutch lender SNSPF Interim Finance BV said in foreclosure filings this month that the building owner is in default on a $41.9 million loan made in August 2003, accord to the latest foreclosure data collected by Addison-based Foreclosure Listing Service.

The threatened foreclosure is an "unfortunate misunderstanding," ZOM officials said Thursday. A spokesman for the developer said the filing was made while "negotiating terms of an extension to an existing loan on the property."

Dallas attorney Bruce Coleman, who represents SNSPF, confirmed the status of the building.

"They have told me not to plan on foreclosing," Coleman said late Thursday. "The lender has instructed the trustee not to proceed with the December foreclosure sale pending an amicable resolution of the issues."

The Mondrian posting is the largest of 227 current foreclosure postings made against Dallas-Fort Worth area commercial and investment properties, Foreclosure Listing Service reports.

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