The owners of a 25-story office building in Uptown Houston are facing financial difficulties as they have fallen behind on payments for their $69 million loan balance. The property, known as One Riverway, is located at the intersection of South Post Oak Lane and Riverway Drive and is owned by Unilev.
One Riverway encompasses 507,565 square feet and is part of a two-building office portfolio. The other building, Three Riverway, does not seem to be experiencing the same issues.
Originally built in 1978, One Riverway underwent renovations in 2020.
According to reports from the Houston Business Journal, Unilev secured an $80 million loan from GACC (Greater Austin Commercial Capital) for the purchase of One Riverway back in February 2015. However,the mortgage balance has now decreased to $69 million as last week’s payment deadline approached. Wells Fargo serves as the master servicer managing this trust that acquired GACC’s loan five years ago.The maturity date for this loan was set for March1st but it seems unlikely that it will be paid off by then.
As reported last month,the occupancy rate at OneRiver way stood at only51%. This news comes amidst concerns about potential foreclosure proceedings against this high-rise property locatedinHouston.
