December 16th, 2008 by Reed Allmand 
The Star Telegram reports that Overton Centre office complex is facing foreclosure after GE Business Financial Services demanded payment of the $25.3 million mortgage on the property. Despite timely payments by the ownership group for the life of the loan, the multi-million dollar loan is still being called and the group is finding it difficult to refinance. Up until now, commercial foreclosures have been limited to underperforming buildings in poorer areas of the city; but currently many upper-scale commercial buildings are finding it hard to refinance and are being foreclosed on.
Although most individuals filing bankruptcy don’t worry about the state of commercial property or their foreclosures, this type of issue has a ripple affect in the bigger economy. Foreclosed properties become a serious problem in urban areas, causing blight and closure of businesses that depend on these commercial properties for customers. The foreclosure of the Overton Centre office complex is just another sign of the times. Unfortunately, we will see more of these types of foreclosures hitting the Dallas-Fort Worth area in the near future.
About Reed Allmand
Allmand's vision is rooted in his own financially precarious childhood in Abilene "My father always had difficulty holding a job and supporting our family, so after my parents divorced when I was 12, my sister and I got jobs to help make ends meet," he recalls. "I remember what it felt like as a child to worry that our car would be repossessed or home foreclosed on."
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