Harwood International, a prominent developer in Dallas’ Uptown district, is facing foreclosure on a block of condo units at Bleu Ciel, located at 3130 North Harwood Street. This marks the company’s first foreclosure of the year after it relinquished ownership of seven office properties in 2025 through various foreclosures and sales.
According to a foreclosure notice, Harwood defaulted on a $30 million loan from TexasBank that was secured by 26 units at Bleu Ciel. The loan was issued in December 2024. Since then, six of those units have been sold, which reduced some of the company’s debt. Despite this, records indicate that about 10 percent of Bleu Ciel’s 158 total units were never sold since its opening in 2018. The property’s website reports it is currently 85 percent sold and advertises 16 available units, including four penthouses.
This situation represents the first time financial distress has extended beyond Harwood’s office holdings into another type of asset.
The news follows last week’s announcement that TPG, a private equity fund based in San Francisco, will serve as Harwood’s recapitalization partner. Beginning last fall, Harwood sold five office buildings—totaling approximately 1.2 million square feet—to TPG:
– Harwood No. 2 (2728 North Harwood Street)
– Harwood No. 3 (2727 North Harwood Street)
– Harwood No. 6/Saint Ann Court (2501 North Harwood Street)
– Harwood No. 7/Frost Tower (2950 North Harwood Street)
– Harwood No. 10 (2850 North Harwood Street)
TPG intends to renovate these properties while allowing Harwood to retain a minority stake.
In addition to these sales, two more properties were lost to foreclosure last year: Spear Street Capital took back Harwood No. 4 at 2828 North Harwood Street with a $73 million credit bid in April; First United Bank acquired the firm’s first development at 2651 North Harwood Street with a $27 million credit bid before selling it to Bill Cawley’s Cawley Partners on December 30.
Foreclosure proceedings began with Saint Ann Court (Harwood No.6), which was saved from auction in January through recapitalization efforts.
The company faced another setback when law firm Jones Day withdrew from plans to anchor the forthcoming project known as Harwood No.15 late last year.
Despite these challenges for one major landlord, Uptown Dallas continues to show strength compared with other regional markets struggling with high vacancy rates and lower rents.
Uptown remains attractive for large banks such as Goldman Sachs and Bank of America seeking custom-built projects and offers the highest average gross rent in Dallas-Fort Worth—$62.21 per square foot—according to recent research from Partners Real Estate (https://partnersrealestate.com/).
“TPG has plans to renovate the properties,” according to an announcement from TPG regarding their partnership with Harwood International.
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