Owner of medical center area office towers goes bankrupt

The owner of twin office buildings near the South Texas Medical Center filed for Chapter 11 protection after a lender asked a court to appoint a receiver to take control of the properties.

Highpoint Lifehope SPE LLC, an Alpharetta, Ga. company that owns the Highpoint towers at 8401 and 8415 Datapoint Drive, filed for skeleton bankruptcy Monday in San Antonio. It listed assets and liabilities each in the range of $50 million to $100 million.

The filing came a week after lender Capital One sued Highpoint Lifehope for allegedly defaulting on a $51.1 million loan made in 2019.

In its lawsuit in San Antonio State District Court, Capital One sought the appointment of a receiver and an order directing Highpoint Lifehope to return the buildings subject to lender liens.

The bankruptcy filing suspends litigation against Highpoint Lifehope.

The company is affiliated with Richmond Honan Development and Acquisitions LLC and Lifehope LLC, both based in Alpharetta. The latter states on its website that it owns and operates 1.5 million square feet of medical office space and has developed over 5 million square feet. Most of his real estate is in Georgia.

Lifehope promotes that it has Jewish-Christian chapels in each of its buildings.

Property records show that Highpoint Lifehope acquired the Highpoint Towers in 2018. Each building is 10 stories high and approximately 150,000 square feet. Each is valued at $16.5 million by the Bexar Appraisal District.

Highpoint Lifehope has a 99-year ground lease with Woodbranch Highpoint LLC of Houston.

According to Capital One’s lawsuit, Highpoint Lifehope “repeatedly defaulted” on the loan agreement. The borrower failed to make debt service payments in February, March and April and failed to pay property taxes, the complaint adds.

In May, according to the lawsuit, Capital One agreed not to foreclose – instead giving Highpoint Lifehope the opportunity to sell the buildings or refinance them. Capital One has agreed to defer monthly debt service payments during the forbearance period.

But Capital One says Highpoint Lifehope has repeatedly breached the terms of the forbearance agreement.

The owner of two office buildings along Datapoint Drive recently filed for bankruptcy.

The parties reached another agreement in late June. Highpoint Lifehope agreed to “a consensual ‘sales process’ for the marketing and sale of the property and related collateral overseen by a sales monitor retained by the defendant,” the lawsuit states.

Despite the new agreement, Capital One says a number of additional defaults have occurred, including defaulting on interest-only payments of approximately $196,500.

Highpoint Lifehope also failed to hire a real estate broker to sell the properties or pay at least $112,500 in overdue property taxes, Capital One adds in its lawsuit.

On August 9, Capital One accelerated the loan balance and demanded payment of more than $51.1 million.

Under the forbearance agreement, Capital One adds, Highpoint Lifehope has consented to the appointment of a receiver upon the expiration of the forbearance period.

Lawyers for Highpoint Lifehope and Capital One did not immediately respond to requests for comment.

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