Texans CU Forecloses On Troubled Real Estate Development
ROCKWALL, Texas – CU Liquidity Services, a CUSO owned by Texans CU, bought the troubled Harbor on Lake Ray Hubbard mixed-mixed use development for $25 million in a foreclosure auction yesterday, six months after the owners filed for Chapter 11 bankruptcy.
The credit union, which lent $28 million to the developers, Mariah Bay Leasing, plans to operate the troubled property for the near term.
The Harbor is a mixed-use development on the shore of Lake Ray Hubbard, which is just outside Dallas. The credit union purchased the land and six buildings which make up the dining and entertainment district at the auction. A separate Phase Two of the development, which was not part of the auction, includes a Hilton hotel and undeveloped land slated for residences.