Office Property Near Crosswinds Business & Technology Park at Risk of Foreclosure

by San Antonio Attorney

After Chase Merritt, an investment company, defaulted on a loan worth $89.5 million, two of its office buildings are due for foreclosure.

The buildings will be auctioned on January 3, according to reports.  The two buildings cover approximately 215,000 square feet and have a span of 18.5 acres.  The two office buildings cost $15 million, as assessed by the Bexar Appraisal District.

Chase Merritt purchased the two buildings from Darren Casey Interests Inc, a local real estate company.  The purchase was aided with a steep amount of $89.5 million from Wrightwood Capital.

Alorica Inc., is one of the tenants in the foreclosed buildings.  It is a company that specializes in customer service and sales, which recently announced its plan to add more employees.  The other building is occupied by Bank of America, as shown by the city building permit.

Max Moss, a principal holder of Chase Merritt, could not be reached for a comment.

Sources revealed that Chase Merritt holds a primary headquarters in Irvine, California.   However, they also have another address in Colorado.  Some of the properties owned by Chase Merritt have faced the problem of foreclosure.  Last 2010, a building in North Austin was repossessed after Chase Merritt defaulted on a loan worth $20 million.

Another building located in Sacramento was also repossessed after one of its major tenants vacated the property.

Despite financial difficulties, Chase Merritt has made more than $2.5 billion in real estate transactions for the past 10 years.  Chase Merritt controls almost 2.4 million square feet of office space in Texas and California.  The company also served as a co-owner of Galleria Plaza, a commercial complex located in Houston.

Aside from financial income, Chase Merritt purchased 500 homes at a foreclosure auction before reselling them.

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