Fifteenth time’s the charm?
ACRES Commercial Realty scheduled a foreclosure sale for an office complex at 4030 West Braker Lane next month, the latest in a string of attempts to pry the five-building property from Nate Paul’s World Class Holdings.
Dating back to 2022, ACRES has scheduled the offices for foreclosure 14 other times. It is unclear why those scheduled sales have not gone through. World Class has delayed other foreclosure sales by placing its property ownership entities into bankruptcy, but has not taken that approach for this property, according to court records.
ACRES’ lien comes from its $21.75 million loan to World Class around the time of the acquisition.
“It is correct that ACRES has posted a foreclosure notice for the relevant property a number of times, but those foreclosures did not proceed,” a spokesperson for ACRES said. “If you would like further information, we suggest that you directly contact ACRES’ borrower.” Nate Paul, as usual, did not respond to a request for comment.
World Class bought the property in 2019 from California developer SteelWave. The offices were built in 1987 and span 115,300 square feet. The offices face competition from a slew of newly built properties in the Domain, a neighboring hub for commercial development in north Austin.
The offices sit on 8 acres of land zoned for limited industrial use. That designation allows a number of commercial uses, but not multifamily.
World Class’ foreclosure battles have ranged across Austin, as the business has failed to keep up with loan payments. Last summer, Paul was indicted on federal charges of making false statements to lenders. Investigators later added an indictment on charges of wire fraud. He pleaded not guilty.
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