A 162-room River Stroll resort will go to public public sale on March 3.
A foreclosures discover for The Thompson San Antonio River Stroll Resort on the nook of St. Mary’s Avenue and Lexington Avenue was filed Feb. 5 alleging that Lex Avenue Resort, LLC, the constructing’s proprietor, did not pay again a $44 million mortgage.
Now, the constructing is being auctioned to repay that debt.
The constructing consists of luxurious condominiums on flooring 12-19 and resort rooms managed by Hyatt on the primary 11 flooring. It was opened in 2021 by Houston-based luxurious developer DC Companions that includes a rooftop pool and bar.
In December 2024, constructing proprietor Lex Avenue Resort put the increase as safety for a $44 million mortgage from Dawn Realty Belief and Southern Realty Belief, firms based mostly in Maryland and Delaware, respectively.
The registered agent for each firms is the Company Creations Community, an organization that gives enterprise and registration companies for varied purchasers.
That settlement was signed by Acho Azuike, who is called as Lex Avenue Resort, LLC’s vice chairman. Azuike is listed as DC Companions’ chief working officer on the corporate’s web site.
In accordance with the Feb. 5 foreclosures discover, Lex Avenue Resort was knowledgeable of its default on the mortgage a number of occasions in 2025, most not too long ago on Dec. 16.
The constructing is scheduled to be auctioned off between 1 p.m. and 4 p.m. on March 3. The sale solely applies to the frequent areas and resort, not residential items or condos which were bought individually.
The deed to belief, which lays out the phrases of the $44 million mortgage, states that sale cash can go to paying again the lender, compensating attorneys and trustees concerned within the foreclosures and sale, and paying off liens, taxes and different bills for the constructing. Leftover funds may go to the constructing’s former homeowners.
The lender, on this case Dawn Realty Belief and Southern Realty Belief Holdings, can bid on the constructing when it’s auctioned. The lenders would obtain a $44 million credit score to their bid from the unpaid mortgage.
The Bexar County Appraisal District values the constructing and land at $85.8 million.
