HomeDiagramsDatabaseMapsForum About
     

Go Back   SkyscraperPage Forum > Regional Sections > United States > Texas & Southcentral > Austin


Reply

 
Thread Tools Display Modes
     
     
  #81  
Old Posted Jan 14, 2020, 3:17 AM
Sigaven Sigaven is offline
Registered User
 
Join Date: Jan 2010
Posts: 1,475
Quote:
Originally Posted by paul78701 View Post
Paul-controlled entities win foreclosure reprieve, but told 'clock is ticking':
https://today.statesman.com/express/...an--13--2020/5
never wanted to punch my computer screen so badly
Reply With Quote
     
     
  #82  
Old Posted Jan 14, 2020, 6:31 PM
txtriathlete txtriathlete is offline
Registered User
 
Join Date: Mar 2019
Posts: 48
So for the properties they filed Chapter 11 on (like the 3M campus) does that mean they still own it?
Reply With Quote
     
     
  #83  
Old Posted Jan 14, 2020, 9:50 PM
ahealy's Avatar
ahealy ahealy is offline
Registered User
 
Join Date: Jul 2008
Location: San Antonio / Austin
Posts: 2,552
omg just noticed he wears grey contacts. BARF.
Reply With Quote
     
     
  #84  
Old Posted Jan 22, 2020, 8:08 PM
WhiskeyTango WhiskeyTango is offline
Registered User
 
Join Date: Oct 2019
Posts: 6
More are falling from Nate's house of cards...all of these entities were given Notice of Trustee Sale on 1/14/2020
  • WC HIRSHFELD MOORE LLC
  • WC 805-809 EAST SIXTH LLC
  • WC 320 CONGRESS LLC
  • WC 901 EAST CESAR CHAVEZ LLC
  • WC 1910 WEST BRAKER LLC
  • WC 1212 EAST SIXTH LLC
  • WC 9005 MOUNTAIN RIDGE LLC
  • WC 103 EAST FIFTH LLC
  • WC 422 CONGRESS LLC
Reply With Quote
     
     
  #85  
Old Posted Jan 29, 2020, 3:26 PM
txtriathlete txtriathlete is offline
Registered User
 
Join Date: Mar 2019
Posts: 48
Quote:
Originally Posted by WhiskeyTango View Post
More are falling from Nate's house of cards...all of these entities were given Notice of Trustee Sale on 1/14/2020
  • WC HIRSHFELD MOORE LLC
  • WC 805-809 EAST SIXTH LLC
  • WC 320 CONGRESS LLC
  • WC 901 EAST CESAR CHAVEZ LLC
  • WC 1910 WEST BRAKER LLC
  • WC 1212 EAST SIXTH LLC
  • WC 9005 MOUNTAIN RIDGE LLC
  • WC 103 EAST FIFTH LLC
  • WC 422 CONGRESS LLC

https://www.bizjournals.com/austin/n...eats-from.html

Way to catch that one a week before the media did.
Reply With Quote
     
     
  #86  
Old Posted Feb 4, 2020, 3:59 PM
InFillForLife InFillForLife is offline
Registered User
 
Join Date: Jan 2020
Posts: 9
Status?

Does anyone know if WC found an 11th hour solution or are we all showing up at the court house at 1pm?
Reply With Quote
     
     
  #87  
Old Posted Feb 4, 2020, 6:35 PM
urbancore urbancore is offline
Registered User
 
Join Date: Oct 2014
Location: Zilker
Posts: 1,508
Quote:
Originally Posted by InFillForLife View Post
Does anyone know if WC found an 11th hour solution or are we all showing up at the court house at 1pm?
I'm bringing the organic popcorn.....c ya in few.

Great username btw!
Reply With Quote
     
     
  #88  
Old Posted Feb 4, 2020, 7:46 PM
InFillForLife InFillForLife is offline
Registered User
 
Join Date: Jan 2020
Posts: 9
It appears WC paid their bills in the nick of time, they weren't on the auction block today.

Thanks! I'm looking at it now wondering why I didn't make it "InFill4Life" but it'll due.

Last edited by InFillForLife; Feb 4, 2020 at 7:47 PM. Reason: responding to comment
Reply With Quote
     
     
  #89  
Old Posted Feb 4, 2020, 8:49 PM
urbancore urbancore is offline
Registered User
 
Join Date: Oct 2014
Location: Zilker
Posts: 1,508
Quote:
Originally Posted by InFillForLife View Post
It appears WC paid their bills in the nick of time, they weren't on the auction block today.

Thanks! I'm looking at it now wondering why I didn't make it "InFill4Life" but it'll due.
Kev will change it for you, he changed mine.
Reply With Quote
     
     
  #90  
Old Posted Feb 4, 2020, 9:40 PM
Urbannizer's Avatar
Urbannizer Urbannizer is online now
Moderator
 
Join Date: Jan 2009
Location: 360, St. Edwards
Posts: 12,346
Quote:
Originally Posted by InFillForLife View Post
It appears WC paid their bills in the nick of time, they weren't on the auction block today.
So this is why they had a private dinner at our establishment on Friday.
__________________
HAIF
Reply With Quote
     
     
  #91  
Old Posted Feb 4, 2020, 11:39 PM
txtriathlete txtriathlete is offline
Registered User
 
Join Date: Mar 2019
Posts: 48
Quote:
Originally Posted by InFillForLife View Post
It appears WC paid their bills in the nick of time, they weren't on the auction block today.

Thanks! I'm looking at it now wondering why I didn't make it "InFill4Life" but it'll due.
https://www.statesman.com/business/2...y?rssfeed=true

It looks like more bankruptcies
Reply With Quote
     
     
  #92  
Old Posted Feb 5, 2020, 5:49 AM
austlar1 austlar1 is online now
Registered User
 
Join Date: May 2007
Location: Austin
Posts: 3,428
Quote:
Originally Posted by txtriathlete View Post
The eight new Chapter 11 filings — in U.S. Bankruptcy Court in Delaware — forestalled foreclosure sales that had been scheduled for Tuesday on the steps of the Travis County Courthouse. Ladder Capital Finance LLC, which initiated the foreclosure proceedings, contends the Paul-controlled entities are in default on a $47.6 million loan made in 2018.
Reply With Quote
     
     
  #93  
Old Posted Feb 5, 2020, 5:51 AM
austlar1 austlar1 is online now
Registered User
 
Join Date: May 2007
Location: Austin
Posts: 3,428
By Bob Sechler
@bob_sechler
By Shonda Novak
@snovak999
Posted at 4:25 PM Updated at 4:52 PM

Austin real estate investor Nate Paul, faced with imminent foreclosures on another eight properties owned by business entities that he controls, has once again opted for the shelter of bankruptcy court, bringing the number of bankruptcies related to his holdings in the city to more than a dozen since November.

The latest string of bankruptcies includes a filing by WC Hirshfeld Moore LLC, the Paul-controlled entity that owns the Hirshfeld-Moore building in downtown Austin, where Paul’s company, World Class Holdings, has its headquarters.

The FBI and the U.S. Department of Treasury searched the company’s offices in the Hirshfeld-Moore building last August. Federal authorities have declined to comment on the reason for the search.

The eight new Chapter 11 filings — in U.S. Bankruptcy Court in Delaware — forestalled foreclosure sales that had been scheduled for Tuesday on the steps of the Travis County Courthouse. Ladder Capital Finance LLC, which initiated the foreclosure proceedings, contends the Paul-controlled entities are in default on a $47.6 million loan made in 2018.

Since early November, bankruptcy filings by six other Paul-controlled entities have staved off foreclosures as well, including on high-profile properties like the 156-acre former 3M campus in Northwest Austin and the site of the former Carmelo’s Italian restaurant at 5th and Red River streets.

Neither Paul nor Brian Elliott, corporate counsel for World Class, would comment Tuesday.

However, in November bankruptcy filings involving the 5th and Red River site and properties owned by three other Paul-controlled entities, they contended that “a rogue lender” — an affiliate of real estate firm Stonelake Capital Partners — was trying to wrest control of the properties by using the foreclosure process improperly.

They submitted a required plan this week with the U.S. Bankruptcy Court in Texas, where those cases were filed, aimed at enabling the four entities — 5th and Red River LLC, 900 Cesar Chavez LLC, 905 Cesar Chavez LLC and 7400 South Congress LLC — to emerge from Chapter 11, although the court still has to give it a green light. The plan involves selling the properties, which according to court documents have a combined appraised value of about $31.7 million, and paying off a loan balance that was pegged at more than $19 million in January, counting fees and interest.
Paul-controlled entities that have filed for bankruptcy since November:

Entity / Date of filing

900 Cesar Chavez LLC — 11/4/2019

905 Cesar Chavez LLC — 11/4/2019

5th and Red River LLC — 11/4/2019

7400 South Congress LLC — 11/4/2019

WC 56 East Avenue LLC — 12/2/2019

Silicon Hills Campus LLC — 1/7/2020

WC Hirshfeld Moore LLC — 2/3/2020

WC 805-809 East Sixth LLC — 2/3/2020

WC 1212 East Sixth LLC — 2/3/2020

WC 320 Congress LLC — 2/3/2020

WC 901 East Cesar Chavez LLC — 2/3/2020

WC 9005 Mountain Ridge LLC — 2/3/2020

WC 103 East Fifth LLC — 2/3/2020

WC 422 Congress LLC — 2/3/2020

But Jonathan Pelayo, an attorney for the Stonelake affiliate, said his client will oppose the plan. He previously has called the bankruptcies ploys to block rightful foreclosure proceedings and keep Paul’s operations afloat as long as possible.

“The plan appears to be Mr. Paul’s latest effort to create delay, which is consistent with the pattern of behavior we have seen over the past few months,” Pelayo said in an e-mail. “The plan represents more of the same delay tactics from the debtors, who are in default of their obligations under our loan agreement and have failed to make a loan payment for seven months.”

Local commercial real estate broker Dani Tristan, who has been retained by Paul’s company to market the properties, said Tuesday that he anticipates no shortage of potential buyers.

“I’ve already received a tremendous amount of interest from local and national groups,” said Tristan, of McAllister & Associates.

Another Paul-controlled entity, WC 56 East Avenue LLC, filed for bankruptcy protection in December and subsequently filed a lawsuit last month alleging that U.S. Real Estate Credit Holdings III-A, its original lender, and a number of entities affiliated with Pennybacker Capital Management LLC had “engaged in conspiracy and fraud to wrongfully manufacture a fake loan default that did not actually occur.”

Tim Berry, president, CEO and founder of Pennybacker Capital LLC, a private real estate equity firm, declined to comment.
Reply With Quote
     
     
  #94  
Old Posted Feb 5, 2020, 4:27 PM
urbancore urbancore is offline
Registered User
 
Join Date: Oct 2014
Location: Zilker
Posts: 1,508
https://www.bizjournals.com/austin/n..._news_headline

looks like some properties may be coming on the market soon.

from the ABJ

"The plan proposes that the debtor, World Class, be entitled to close any sale with a gross sale price of at least 85% of the properties' appraised values. The plan lists an appraised value of $3.9 million for 900 Cesar Chavez, $1.68 million for 905 Cesar Chavez, $5.18 million for 7400 South Congress and $20.89 million for 504 E. Fifth St.

A Feb. 3 order from United States Bankruptcy Judge Tony Davis authorized the hiring of McAllister & Associates to serve as the exclusive broker for the debtors, with Dani Tristan leading the effort. Tristan, who has worked frequently with World Class in the past, could not immediately be reached for this story. He recently suggested the Carmelo's site could fetch in excess of $30 million.

In yet another Feb. 3 filing, 7400 South Congress LLC is seeking the court's permission to sell three parcels comprising 7.5 acres. The filing suggests the property was recently appraised for nearly $5.2 million.

Before filing for bankruptcy, World Class had agreed to sell the 7400 South Congress land to Rastegar Property Company LLC — headed by Nate Paul's former employee Ari Rastegar — for $10 million.

The new filing proposes that Rastegar Property Co. be the stalking horse bidder for 7400 South Congress LLC, meaning it will set the minimum bid price at a future auction for the property. If approved, the minimum purchase price would be $9.75 million. The bid includes a $500,00 non-refundable deposit as well as some buyer protections, according to court filings.

Feb. 3 was also a big day for World Class in the Texas Third Court of Appeals, where a judge awarded a victory to the real estate firm.

The judge halted a Dec. 10 district court order granting a receiver control of two World Class limited partnerships that own property downtown, WC 1st and Trinity LP and WC 3rd and Congress LP. Those two partnerships own four downtown properties: a lot at 99 Trinity St. just south of the Austin Convention Center and three parcels surrounding The Austonian skyscraper."
Reply With Quote
     
     
  #95  
Old Posted Feb 21, 2020, 1:54 AM
urbancore urbancore is offline
Registered User
 
Join Date: Oct 2014
Location: Zilker
Posts: 1,508
“World Class prepares to sell first properties out of bankruptcy“

ABJ
Reply With Quote
     
     
  #96  
Old Posted Feb 21, 2020, 3:05 AM
The ATX's Avatar
The ATX The ATX is offline
Moderator
 
Join Date: May 2006
Location: Where the lights are much brighter
Posts: 12,016
Quote:
Originally Posted by urbancore View Post
“World Class prepares to sell first properties out of bankruptcy“

ABJ
One is the Carmelo's/Depot site. That site should then be back on track for a significant project. It already has HLC support for a high-rise.
__________________
Follow The ATX on X:
https://twitter.com/TheATX1

Things will be great when you're downtown.
Reply With Quote
     
     
  #97  
Old Posted Feb 21, 2020, 7:51 AM
AustinGoesVertical AustinGoesVertical is offline
Registered User
 
Join Date: Mar 2015
Posts: 554
Wow, Nate Paul has really flipped the script to “if you don’t build it, they will come.”
Reply With Quote
     
     
  #98  
Old Posted Mar 12, 2020, 7:56 PM
txtriathlete txtriathlete is offline
Registered User
 
Join Date: Mar 2019
Posts: 48
Reply With Quote
     
     
  #99  
Old Posted Mar 12, 2020, 8:18 PM
Syndic's Avatar
Syndic Syndic is offline
Registered User
 
Join Date: Jun 2010
Location: Austin, TX
Posts: 1,945
How drunk was Nate when he posted that scummy shit?
__________________
Anti-Leslie Pool. Bury I-35! Make The Domain public!
Reply With Quote
     
     
  #100  
Old Posted Mar 12, 2020, 8:40 PM
AusTxDevelopment AusTxDevelopment is offline
Registered User
 
Join Date: Jun 2012
Posts: 808
Coronavirus delays Nate Paul's bankruptcy hearing for 3M campus. https://www.bizjournals.com/austin/n...y-hearing.html
Reply With Quote
     
     
This discussion thread continues

Use the page links to the lower-right to go to the next page for additional posts
 
 
Reply

Go Back   SkyscraperPage Forum > Regional Sections > United States > Texas & Southcentral > Austin
Forum Jump


Thread Tools
Display Modes

Forum Jump


All times are GMT. The time now is 2:39 PM.

     
SkyscraperPage.com - Archive - Privacy Statement - Top

Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2024, vBulletin Solutions, Inc.