Coit Central Tower posted for foreclosure

Lender Gramercy Warehouse Funding II LLC has posted the Coit Central Tower for next month's foreclosure sale. The 13-story building off Central Expressway is less than 40 percent leased, according to a Dallas Morning News story. Although we've seen plenty of residential foreclosures across the metroplex this year (more than 25,000 so far), there haven't been nearly as many in the commercial market (less than 1,000 so far)--but because the Coit Central Tower (with a tax value of $23 million) is one of the most prominent Dallas-area buildings to be threatened with foreclosure in recent years, this could be an indication that the trend is starting to grow.