Commercial
Houston
Arbor pursues foreclosure on more Houston multifamily
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Arbor Realty forecloses on another Houston multifamily property
Owner Northbrooke SPE defaulted on $32.5 million mortgage
Add it to the list: Arbor Realty is foreclosing on another Houston multifamily property.
The New York-based lender claims Northbrooke SPE defaulted on a $32.5 million loan issued in February 2022 for Northbrooke Apartments, according to Harris County records. Northbrooke SPE is associated with Mudra Investments, which is based in Richmond and managed by Raxit and Rahul Patel. The loan amount comes to $135,400 per unit.
The foreclosure auction is scheduled for July 2.
The Northbrooke Apartments, at 17111 Hafer Road, has 240 units and spans 240,000 square feet. The Class B property’s amenities include a pool and fitness center. It was built in 2002 and remodeled in 2017. Mudra Investments purchased it in 2022 from A. Khan Investment Properties.
It was valued at $24 million in 2024, according to appraisal district records.
The owner has been hit with seven liens totalling more than $270,000, alleging nonpayment for work done at the property.
In May, the lender moved to foreclose on 372-unit Park North, another multifamily property in Houston. Arbor claimed the owner, an affiliate of Inman Equities, defaulted on a $56.3 million mortgage.
Arbor also pursued foreclosure on the 13-story office building at 41 Marietta Street in downtown Atlanta. The lender claimed embattled Dallas-based developers Kenny Wolfe and Bluelofts defaulted on a $20 million mortgage for the property.
Harris County’s July 2 foreclosure auction could also decide the fate of 1001 West Loop South, Ali Choudhri’s Galleria office building. Choudhri has been resisting his lender’s attempts to foreclose on the property for over a year.
Commercial real estate investors – especially those who bought properties at the height of the pandemic – are struggling to pay their mortgages due to higher interest rates. As a result, commercial foreclosures are on the rise. In fact, Texas ranked third earlier this year for commercial foreclosures, according to Attom Data Solutions.
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