The apartment complex at Lovers and Matilda was the subject of a heated rezoning debate two years ago. And even though developers Fairfield Residential won their case for a six-story residential-over-retail development, they were unable to fund those plans, despite announcing leases from tenants including Chase Bank and Corner Bakery.
Now a bank owns the vacant Signature Point apartment complex, which neighbors say draws squatters. The property is the first example this story gives to exemplify the poor state of the commercial real estate market in Dallas.
The Dallas region has $4.3 billion in distressed commercial real estate loans. That’s the sixth-highest number among the nation’s metropolitan areas. Overall, the nation has $170 billion in distressed commercial real estate loans, according to the story, which cites Delta Associates and Real Capital Analytics. And the picture is not getting better.
As the DMN story states, “The more than $1.4 trillion in commercial mortgages coming due this year through 2014 will be difficult to refinance and could derail economic recovery.”
