HILL COUNTRY GALLERIA POSTED FOR FORECLOSURE

BEE CAVE, TEXAS — Hill Country Galleria, a 1.3 million-square-foot lifestyle center located at the intersection of FM 620 and Texas Highway 71 in Bee Cave, has been posted for foreclosure. The property is set to go to auction on May 5. Originally completed in 2007, the retail center is more than 70 percent leased; according to Opus West, it maintains a positive cash flow and has met all of its debt obligations. Trouble arose when Opus was unable to refinance the property’s existing construction loan, which was financed through 10 separate lenders. Opus has stated that it is seeking to resolve the situation before the foreclosure auction and maintain control of the property. Situated on 152 acres, Hill Country Galleria features a retail component that is anchored by Dillard’s, Cinemark Theatre, Barnes & Noble and Dick’s Sporting Goods. The project also contains office and residential components. Normal day-to-day operations at the property will not be interrupted.