Dallas-based developer Harwood International is facing another foreclosure.
County records show roughly 20 units owned by the developer at its Blue Ciel condo tower are set to be auctioned off after the developer defaulted on a loan issued by TexasBank.
The foreclosure auction is set for March 3 on the steps of the George Allen Courts Building. It’s unclear if the firm will reach a deal with the lender before the units are sold. Attempts to contact Harwood were not immediately returned before publication.
The firm took a $30 million loan from the bank in December 2024, backed by 26 units at the 33-story tower at 3130 N. Harwood St., records show. It’s unclear how much Harwood currently owes the bank. The foreclosure was first reported by The Real Deal.
The auction will come just weeks after private equity firm TPG announced it would serve as a recapitalization partner for Harwood.
TPG, based in San Francisco and Fort Worth, directly controls five office properties with the Harwood District, a 30-acre area near Uptown Dallas.
Harwood has retained a minority interest as a co-investor in the portfolio. TPG plans to invest $50 million to improve the 1.2 million square feet of total office space.
The Dallas Morning News previously reported that TPG acquired four towers from the Dallas developer — Harwood No. 2 (2728 N. Harwood), Harwood No. 10 (2850 N. Harwood), Frost Tower/Harwood No. 7 (2950 N. Harwood), and Saint Ann Court/Harwood No. 6 (2501 N. Harwood).
TPG’s newest acquisition in the district is Harwood No. 3 (2727 N. Harwood). A county deed recording the transaction was filed Dec. 1.
Under the arrangement, TPG has partnered with Dallas’ OliveMill Holdings to help oversee operations of the office assets. CBRE will handle property management and leasing. Harwood will continue to operate retail and restaurant destinations throughout the district.
Harwood tapped Newmark to secure equity and debt partners last May. The goal was to recapitalize its office portfolio and the next phase of development within the Harwood District.
TPG provided Harwood with a $100 loan backed by the delayed Harwood No. 15 project, land held by Harwood No. 16 LLC., sports bar Happiest Hour and a handful of parcels near North Akard Street.
Harwood saw other towers slip out of its direct control last year.
Harwood No. 4 was sold to Spear Street Capital in April, after the Dallas developer defaulted on another loan. The San Francisco-based firm has plans for multimillion-dollar upgrades at the property.
Harwood also lost Harwood No. 1 to foreclosure. Dallas-based Cawley Partners recently purchased the nearly 106,000-square-foot office structure formerly known as the Rolex building.
Harwood International was founded in 1988. Gabriel Barbier-Mueller is the firm’s founder and CEO.
The Harwood District currently covers 19 city blocks and includes more than 3 million square feet of class AA office, residential and retail space.
To date, Harwood has delivered 14 buildings in the area, representing roughly 35% of the district.
The Dallas developer previously said the area will eventually cover 8.1 million square feet of office, retail, hotel and residential development.
Harwood said in a statement earlier this month that it is set to continue development in its namesake district.
“Amid broader macroeconomic volatility — particularly within the office sector— market conditions have driven increased focus on scale, performance, and long-term certainty,” the firm said. “Recent transactions reflect a district-wide capital solution aligned with the Harwood District’s long-term vision, achieved through partnerships with like-minded institutional investors.”