The Burnett Plaza Tower in downtown Fort Worth might face foreclosure because the owner's lender, Pinnacle Bank, made a decision.
A notice for foreclosure on the 40-story, 1-million-square-foot office building at 801 Cherry St. was issued. filed Pinnacle says Burnett Cherry Street LLC has not met the terms of a $13 million loan from 2021. Burnett bought the tower for $137.5 million in 1983. acquired The tower was purchased for $137.5 million in 1983, but its value was just over $104 million in 2023.
According to Tarrant Appraisal District records, the property was valued at just over $104 million in 2023. show The Dallas Business Journal reported that the property was valued at just over $104 million in 2023 per the Tarrant Appraisal District records.
The building is set to be sold on May 7, but there is still time to reach an agreement to avoid foreclosure. There are significant obstacles to overcome, however.
Mechanics’ liens worth $1.6 million have been filed against Burnett due to alleged failure to pay contractors for renovations. Contractors have also filed lawsuits against Burnett’s parent company, Opal Holdings, seeking $1.6 million in damages.
Opal filed a lawsuit against Pinnacle Bank claiming that it took over the management and operations of Burnett Plaza without valid reason. Opal also alleged that the bank blocked payment to construction companies for improvements and directed the building’s tenants to pay it directly rather than Burnett. claiming The Burnett Plaza Tower is slightly taller than the Bank of America Tower in Fort Worth.
Burnett Plaza Tower in downtown Fort Worth may go into foreclosure after a decision by the owner’s lender, Pinnacle Bank. A foreclosure notice for the 40-story, 1-million-square-foot office building at 801 Cherry St. was filed with the Tarrant County Clerk’s Office on April 12. Pinnacle claims that Burnett Cherry Street LLC has defaulted on […] 38-story Bank of America Tower in Fort Worth.
