A Towson-based partnership that owns an office building in Dallas filed this week for reorganization under Chapter 11 of the U.S. Bankruptcy Code.
The company, 1212 Limited Partnership, filed its bankruptcy petition after the holder of a second mortgage on the Dallas building began foreclosure proceedings, said Nancy Alquist, an attorney for the partnership.
The total mortgage debt against the building is about $15 million, she said yesterday.
"This is a single office building which ran into some difficulties with one lender," she said.
Ms. Alquist, a partner with Frank, Bernstein, Conaway and Goldman in Baltimore, said avoiding foreclosure on the building was one of the reasons for the Chapter 11 filing.