CROW FAMILY IN COURT TO FIGHT FORECLOSURE ON DALLAS MARKET
DALLAS — The Trammell Crow family is fighting to stop foreclosure proceedings against their Dallas Market Center complex.
Crow family representatives have filed in Dallas County district court a motion to block the seizure threatened in a court action brought last month by lenders Equitable Life Assurance Society of New York and Dai-Ichi Mutual Life Insurance of Tokyo.
As reported, the foreclosure papers filed by the lenders showed the parties were in dispute over the amount of mortgage payments due the lenders for the last six months of 1993.
Philip Wise, vice president of the Crow family’s holding company, confirmed the motion had been filed, but would provide no further details. The actual documents were sequestered in the judge’s chambers and not available.
Wise said a hearing is tentatively set for around Thanksgiving.
The DMC, whose buildings include the International Apparel Mart and the Menswear Mart showroom facilities, borrowed $450 million in 1987 from Equitable and Dai-Ichi in a recapitalization of the 125-acre complex.