Fort Worth’s tallest building could face lender foreclosure, amid allegations it’s buyer is defaulting on a 13-million dollar loan.
Opal Holdings bought Burnett Plaza in 2021 for $137.5 million dollars. It’s a 1983 build building, embroiled in drama now; in part, concerning whether renovations fall into the arena of maintenance. Opal argues Pinnacle Bank has been trying to push Burnett Plaza into default with ten liens worth more than $1.6 million dollars filed against an Opal entity; Pinnacle says renovations are not maintenance.
The issues against Opal face many, and especially older DFW area buildings, seeing unprecedented vacancies since the pandemic.