World Class Capital Group

[paul78701]

World Class declines to close on another bankruptcy auction, this one for South Congress real estate:
https://www.bizjournals.com/austin/n...ss-square.html

[kingkirbythe....]

More money problems?

[kingkirbythe....]

Prime South Congress real estate finally changes hands

Saga to get control of Nate Paul's properties continues

https://www.bizjournals.com/austin/n...ges-hands.html

The Related Companies LP is the new owner of 500 S. Congress Ave.

A bankruptcy judge on Sept. 15 approved Related's bid to purchase the site once owned by World Class Holdings, Nate Paul’s embattled Austin real estate investment firm, for $65 million, provided it closed on the deal by Sept. 30 — and Related pulled through.

The New York-based company closed on the purchase on the morning of Sept. 28, according to a report of sale closing.

The six-acre site along South Congress is home to two commercial buildings with more than 70,000 square feet of office space, along with apartments, according to bankruptcy documents. It also houses a longtime bar called Ego's.

[chinchaaa]

Originally Posted by kingkirbythe....

Prime South Congress real estate finally changes hands

Saga to get control of Nate Paul's properties continues

https://www.bizjournals.com/austin/n...ges-hands.html

The Related Companies LP is the new owner of 500 S. Congress Ave.

A bankruptcy judge on Sept. 15 approved Related's bid to purchase the site once owned by World Class Holdings, Nate Paul’s embattled Austin real estate investment firm, for $65 million, provided it closed on the deal by Sept. 30 — and Related pulled through.

The New York-based company closed on the purchase on the morning of Sept. 28, according to a report of sale closing.

The six-acre site along South Congress is home to two commercial buildings with more than 70,000 square feet of office space, along with apartments, according to bankruptcy documents. It also houses a longtime bar called Ego's.

I love this but I really hope they find a way to keep Ego's in the mix. That would be a real loss.

[kingkirbythe....]

Feud over Offices at Braker in N. Austin gets more complex with another bankruptcy filing

Nate Paul's World Class wrestles with Karlin Real Estate for control of 45-acre site

https://www.bizjournals.com/austin/n...ankruptcy.html

A sprawling North Austin office park nearly changed hands on Sept. 29 — but a last-minute Chapter 11 bankruptcy filing prevented an auction.

Embattled real estate investor Nate Paul filed for the Chapter 11 bankruptcy protection on behalf of an affiliated company called WC Braker Portfolio B LLC. It's the second shell company tied to Offices at Braker to file bankruptcy; a related entity called WC Braker Portfolio LLC filed in May for Chapter 11 protection.

WC Braker Portfolio owns Offices at Braker, while WC Braker Portfolio B owns a 100% interest in WC Braker Portfolio.

In effect, the bankruptcy filing prevented Los Angeles-based Karlin Real Estate LLC from seizing control of Offices at Braker, a 45-acre business park with 546,823 rentable square feet. Karlin owns the debt tied to the real estate, which is valued for tax purposes at roughly $163 million, according to Travis Central Appraisal District. But it’s possible the properties could fetch even more on the open market.

The site isn't far from Austin's second downtown, The Domain, where many low-rise buildings are being turned into high-rises.

[Syndic]

Woo! Let's go, Karlin!

[myBrain]

Originally Posted by kingkirbythe....

Feud over Offices at Braker in N. Austin gets more complex with another bankruptcy filing

Nate Paul's World Class wrestles with Karlin Real Estate for control of 45-acre site

https://www.bizjournals.com/austin/n...ankruptcy.html

A sprawling North Austin office park nearly changed hands on Sept. 29 — but a last-minute Chapter 11 bankruptcy filing prevented an auction.

Embattled real estate investor Nate Paul filed for the Chapter 11 bankruptcy protection on behalf of an affiliated company called WC Braker Portfolio B LLC. It's the second shell company tied to Offices at Braker to file bankruptcy; a related entity called WC Braker Portfolio LLC filed in May for Chapter 11 protection.

WC Braker Portfolio owns Offices at Braker, while WC Braker Portfolio B owns a 100% interest in WC Braker Portfolio.

In effect, the bankruptcy filing prevented Los Angeles-based Karlin Real Estate LLC from seizing control of Offices at Braker, a 45-acre business park with 546,823 rentable square feet. Karlin owns the debt tied to the real estate, which is valued for tax purposes at roughly $163 million, according to Travis Central Appraisal District. But it’s possible the properties could fetch even more on the open market.

The site isn't far from Austin's second downtown, The Domain, where many low-rise buildings are being turned into high-rises.

What's the actual address on this one?

[H2O]

Originally Posted by myBrain

What's the actual address on this one?

It's a bunch of parcels (so multiple addresses) south side of Braker east of Metric. It is not the entire block though. I wouldn't expect anything too tall due to its proximity to single family. This block is currently outside of NB/G but might be added under the pending revisions. I believe the current height limit is 60 feet.

[East7thStreet]

Originally Posted by myBrain

What's the actual address on this one?

Googling "1901 W Braker Austin" will pull it up on google maps.

[We vs us]

In another installment of World Class' Death By A Thousand Cuts: the Fogo de Chao lot across from the convention center finally changed hands and is no longer part of Nate 's Evil Empire.

https://www.bizjournals.com/austin/n...ges-hands.html

[Urbannizer]

https://therealdeal.com/texas/austin...nkruptcy-sale/

World Class Holdings CEO Nate Paul’s investment empire continues to be sold off in bankruptcy proceedings.

A bankruptcy court in Austin approved the sale of 13 single-story office buildings and a retail strip center in the Domain, one of Austin’s fastest-growing neighborhoods, to a mystery buyer. World Class defaulted on a series of loans and was forced to sell the properties after a lengthy court battle while looking to delay the forced sale.

The buildings lie at the intersections of West Braker Lane, Kramer Lane and Metric Boulevard.

[Urbannizer]

https://therealdeal.com/texas/austin...in-fraud-suit/

Nate Paul’s legal troubles intensified over the weekend.

The Austin developer was ordered to spend 10 days in jail for contempt of court, the Houston Chronicle reported. Paul will also need to pay just over $180,000 in fines, according to a letter from Travis County District Judge Jan Soifer.

Soifer handed down the punishments after Paul ignored a court order to report certain money transfers and lied about it.

[Armybrat]

Bad boy, Nate.
Apparently he sold one of his properties next to mine off 130 near the CotA just before the shtf, and Rastegar is developing it right now.

[clubtokyo]

So this is why this shopping center has been so blah, empty? Nate had his hands in it of course.

A North Austin shopping center previously owned by Nate Paul’s World Class Holdings has changed hands.

https://www.bizjournals.com/austin/n...ource=linkedin

“Los Angeles-based Stockdale Capital Partners Inc. purchased the 20-acre Arboretum Crossing out of Chapter 11 bankruptcy for $47.5 million, according to a Feb. 2 sale approval. The World Class entity that owned the property entered bankruptcy in July 2021 and the sale closed March 14.”

[drummer]

^ So much of that corner of 183/Mopac could be better utilized.

[We vs us]

If Paxton goes down for this, can Nate be too far behind?

https://www.texastribune.org/2023/05...igation-texas/

[chinchaaa]

Originally Posted by We vs us

If Paxton goes down for this, can Nate be too far behind?

https://www.texastribune.org/2023/05...igation-texas/

how is ken paxton still in office? he's really not afraid to toss corruption right in our faces.

[Geckos_Rule]

Originally Posted by chinchaaa

how is ken paxton still in office? he's really not afraid to toss corruption right in our faces.

The short answer is that he is continually re-elected -- and despite having been under current indictment for about 8 years at this point, courts have found that he is not able to be tried until he leaves office.

[freerover]

Originally Posted by We vs us

If Paxton goes down for this, can Nate be too far behind?

https://www.texastribune.org/2023/05...igation-texas/

I think they belief is the FBI is going to close in on both of them.

[ILUVSAT]

Originally Posted by freerover

I think they belief is the FBI is going to close in on both of them.

It's been four years and nothing ever came of the FBI investigation (and raid) into Nate Paul and his businesses back in 2019.