DALLAS — The Dallas Market Center is being threatened with foreclosure.
Equitable Life Assurance Society of the U.S. and Dai-Ichi Life U.S.A. late Tuesday posted a notice in the Dallas Country Courthouse that they may foreclose on the complex unless they agree within 30 days on restructuring a loan on the property to Trammel Crow Interests, which owns the DMC.
Management of the DMC, which includes the International Apparel Mart and Menswear Mart here, scrambled Wednesday to dispatch a letter to tenants and retailers assuring them that the possible foreclosure would not affect business at the Mart.
Said Bill Winsor, DMC chairman, “We’ve been assured by both the lender and the owner that it won’t affect operations. The notice will trigger a response so that both the lender and owner are forced into binding negotiations to get this thing settled, and we’re supportive of that.” He asserted that DMC operations are profitable.
The $450,000 loan, according to Winsor, was originally made in 1987 and restructured in 1992. Trammel Crow Interests allegedly has been in default since April and has been negotiating with Equitable, which is the lead lender, said an Equitable spokesman. “We’re taking this action to protect our investment,” he added.