Arbor Realty Trust (ABR) moves to foreclose on another Houston complex after $56M default

🎖️ Good morning and happy Tuesday!

Today's newsletter is 538 words — a 2.5-minute read.

1. Massive development taking shape in North Texas

The Walden Pond residential community in Forney, developed by Centurion American Development Group, is progressing with rising pre-sales. The 214-acre development will feature 2,055 single-family home sites on 40-, 45-, or 50-foot lots.

Divided into East, West, and South sections, the community is being built by multiple builders, including Brightland Homes, Lennar, UnionMain, and Pacesetter.

UnionMain has completed 50 out of 200 planned homes in Walden Pond West, with pre-sales underway and a model home opening by June 10. The community offers suburban living with modern conveniences, green spaces, parks, an amenity center, and trails, and is located within the Forney Independent School District, 12 minutes from Downtown Forney and 40 minutes from Downtown Dallas. LINK

2. Lender acquires Comerica Tower in Dallas with mixed-use plans

Comerica Bank Tower, one of downtown Dallas's largest office skyscrapers, has a new owner, Slate Asset Management. An affiliate of the Canada-based firm has acquired full ownership of the 60-story, 1.5 million-square-foot building at 1717 Main St.

Slate plans to reposition the property as a premier mixed-use destination, with Stream Realty Partners leading the transformation. LINK

3. Catch up quick

🤝 Dave Mele, president of Homes.com, has left CoStar Group to pursue “an opportunity outside of the real estate industry.” (HousingWire)

🧐 Bank claims New Jersey investor lied to score loan at Fort Worth’s tallest tower. (TRD)

📈 Texas residential mortgage industry welcomes upward trend for origination volume and values. (TREC)

🏞️ Rapper and pop star icon Drake buys $15 million Texas ranch. (Dallas News)

🏨 Oldest hotel on San Antonio River Walk set for $46M renovation. (TRD)

4. Arbor Realty Trust (ABR) moves to foreclose on another Houston complex after $56M default

Arbor, a New York lender, is foreclosing on the 372-unit Park North complex in North Houston due to a $56.3 million loan default by Inman Equities. The foreclosure sale is scheduled for June 4.

The complex, built in 2008, has a taxable value of $54 million. Inman Equities also faces several mechanics liens for unpaid services such as plumbing and pool repairs. This marks Arbor’s second Houston foreclosure this quarter. LINK

5. Endeavor’s Statesman redevelopment plan hit with another lawsuit

Endeavor Real Estate’s plan to redevelop the former Austin American-Statesman headquarters on Lady Bird Lake has hit another roadblock.

Environmental nonprofit Save Our Springs Alliance sued the City of Austin, claiming the city’s creation of a planned unit development, violated open meetings rules and the city’s charter.

This lawsuit comes after another one that blocked the use of Tax Increment Reinvestment Zone financing to pay for infrastructure needed for the 118-acre development. Neighborhood activists won their lawsuit last month when a judge ruled against the city’s use of a $354 million TIRZ financing. LINK

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