Ares Commercial Real Estate has requested foreclosure over a $127 million loan on a property at Live Oak and Texas Streets in Dallas. The property includes the Gabriella apartments and a ground-floor Tom Thumb grocery store.
The loan was originated by an affiliate for the developer and builder, Greystar. The property was completed in 2020 and the Tom Thumb has been operating since. A foreclosure likely would not mean any changes for renters at the property other than a change in management.
The Dallas Business Journal reports, for five of the past six quarters the property has had negative rent growth, meaning management has been unable to pass on increased property taxes and insurance costs to its tenants.
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