2024-02-10 23:50:11
Less than four years after the Gabriella luxury apartment tower opened in Dallas near Deep Ellum, a lender foreclosed on the building.
Según The Dallas Morning News, Areeif Lender W LLC, una filial de Ares Commercial Real Estate Corporation, acquired Live Oak Street property for $80 million after developer Griest defaulted on his debts. In 2022, Greystar borrowed $127 million in mortgages on the building.
A Tom Thumb store is on the ground floor of the 14-story tower that includes one-, two- and three-bedroom apartments with rents starting around $1,400 a month. Services in Gabriella include an infinity pool, resident lounge, fitness center, golf simulator, outdoor entertainment area and private garages.
The building is near what was once the Elan City Lights apartments, where the impact of a construction crane collapsed in 2019 and killed 29-year-old Kiersten Smith. Last April, a jury awarded the woman’s mother, Michele Williams, more than $860 million after finding Greystar guilty of negligence in the incident.
On June 9, 2019, high winds reportedly caused the crane to collapse on Smith’s apartment building, killing her and injuring five other residents. Wiliams sued Greystar, which had leased the crane to Bigge Crane and Rigging, and jurors decided the developer was at fault.
According to The Dallas Morning News, Greystar is one of the largest apartment builders in the country and owns or manages more than 120 communities in the Dallas-Fort Worth area. Foreclosures are one of the largest in the metro area lately, and tighter interest rates and financial parameters have made it more difficult to obtain mortgages, the newspaper reported.
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