Fort Worth’s Burnett Plaza tower could face foreclosure after its lender, Pinnacle Bank, filed to foreclose. The current owner, Opal Holdings, has defaulted on a $13 million loan. An affiliate of Opal Holdings purchased the building in 2021 for $137 million.
The building’s foreclosure auction is scheduled for May 7, however, the two sides could reach an agreement before then to prevent the foreclosure. Pinnacle Bank has appointed Alan Castetter as trustee.
Besides the foreclosure notice, Opal Holdings faces other legal challenges. Mechanics’ liens totaling more than $1 million have been filed against the owners by various companies, including Tarrant Construction Services.
The 40-story, 1.02 million-square-foot office building, which opened in 1983, is at 801 Cherry St.
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