Fort Worth’s Burnett Plaza tower could face foreclosure following a move by the lender, Pinnacle Bank.
In a foreclosure notice filed with the Tarrant County District Clerk’s office on April 12, Pinnacle Bank says that Opal Holdings, the owner of Burnett Plaza, has defaulted on a $13 million loan. Burnett Cherry Street, an entity of New York-based Opal Holdings Inc., purchased the building in 2021 for $130 million.
A foreclosure auction is scheduled for May 7 for the building. The two sides could come to an agreement before then to stave off the foreclosure.
Opal Holdings and Pinnacle Bank did not return calls requesting comment on the action.
The foreclosure notice is not the only legal action facing Opal Holdings over Burnett Plaza. Several mechanics’ liens totaling more than $1 million have been filed against the owners by a variety of companies, including Tarrant Construction Services.
Opal Holdings bought Burnett Plaza in 2021 for $137.5 million. The 40-story, 1.02 million-square-foot office building is at 801 Cherry St. It opened in 1983.
Bob Francis is business editor for the Fort Worth Report. Contact him at bob.francis@fortworthreport.org. At the Fort Worth Report, news decisions are made independently of our board members and financial supporters. Read more about our editorial independence policy here.
This article first appeared on Fort Worth Report and is republished here under a Creative Commons license.