Momentum Indoor Climbing plans new Houston gym near Memorial City
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a day ago
- Business Journals
Momentum Indoor Climbing plans new Houston gym near Memorial City
The company already has two Houston-area locations and sees a lot of opportunities for expansion in the area, especially because the company's CEO lived in the city for a period of time and has a fondness for it.
Yahoo
05-08-2025
- Yahoo
More Houston apartments go to servicing
This story was originally published on Multifamily Dive. To receive daily news and insights, subscribe to our free daily Multifamily Dive newsletter. Dive Brief: Multiple portfolios owned by Houston-based apartment investor Rao J. Polavarapu's Falls Apartment Group are heading to special servicing, according to a report Morningstar Credit shared with Multifamily Dive. The Falls of Deer Park Apartments in Pasadena, Texas, which has a current outstanding balance of $25 million, was put into special servicing after falling 60 days delinquent. The loan had not appeared on the servicer's watchlist, and the reason for the transfer is unknown. The property had a 2024 net cash flow that was 16.7% above the underwritten level. The Falls Houston Multifamily Portfolio, which has a current outstanding balance of $64.5 million, is backed by three apartment communities in suburban Houston. The servicer cited "imminent monetary default" as the cause for the move. Dive Insight: The reason for the Falls Houston Multifamily Portfolio going into servicing 'is not entirely clear' since the servicer didn't offer additional details, according to Morningstar. That loan is backed by the Falls of Braeburn Apartments, Falls of Chelsea Lane Apartments and Miami Gardens Apartments, according to The Real Deal. Shop Top Mortgage Rates A quicker path to financial freedom Your Path to Homeownership Personalized rates in minutes Currently, all three properties are listed on Falls Apartment Group's website, along with Falls of Deer Park Apartments. The company did not respond to a request for comment from Multifamily Dive. The portfolio's reported 2024 net cash flow was only marginally below issuance underwriting. It was 89% occupied as of December 2024, after sitting at 88% at loan issuance. The loan is not set to mature until July 2029. Last Fall, Falls Apartment Group faced foreclosure on two other Houston properties — Falls of Las Villas and the Falls of Alta Vista, according to The Real Deal. Houston has been a hot spot for multifamily loan issues for several years now. Dallas-based Applesway Investment Group defaulted on nearly $230 million in loans for 3,200 units in Houston in April 2023. Earlier this year, other Houston-area apartment properties went into servicing. In February, The Onyx, a 438-unit property now known as La Solera, was transferred to special servicing with payment default cited as the cause. The property was built in 1979 and renovated in 2019. As The Onyx hit servicing, the Rockridge Apartments, an 881-unit property in Houston, saw its value fall from $86.3 million in September 2023 to $38 million, according to an updated appraisal reported last month by Morningstar. The property, which went into special servicing in October 2024, has been rebranded as Palm Beach Estates Apartments. Click here to sign up to receive multifamily and apartment news like this article in your inbox every weekday. Recommended Reading Lynd Group sells Colorado property for $67.5M Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Miami Herald
04-08-2025
- Miami Herald
Fast-food chain franchisee closes, files Chapter 11 bankruptcy
Fast-food franchisees have battled economic challenges over the last three years, which have led certain chain operators to close restaurant locations and, in some cases, file for bankruptcy. Rising costs of operating driven by inflation, such as labor and food, are the top reason many franchisees have faced distress. Other common financial issues blamed for distress include fierce competition among dining chains and consumer reluctance to spend in uncertain times. Restaurant operators reporting higher annual sales in May 2025: 52%.Restaurant operators reporting higher annual sales in June 2025: 49%.Restaurant operators reporting sales decline in May 2025: 38%.Restaurant operators reporting sales decline in June 2025: 41%. Red flags were raised in June 2025, as 49% of restaurant operators reported a rise in same-store sales between June 2024 and June 2025, which was down from 52% reporting higher sales in May 2025, according to the National Restaurant Association. Related: Famous gunmaker files for Chapter 11 bankruptcy, closes As for restaurants reporting sales declines, more reported declines in June, with 41% reporting decreased sales, than in May, with 38% reporting declines. Former Panera Bread franchisee EYM Cafe of Texas LLC filed for Chapter 11 bankruptcy protection on Aug. 2 after it lost control of its 15 Houston-area Panera franchises in a court judgment. EYM Cafe of Texas listed up to $50,000 in assets and $10 million to $50 million in debts in its petition filed in the U.S. Bankruptcy Court for the Eastern District of Missouri. The Irving, Texas-based debtor's largest creditors include the Internal Revenue Service, owed over $904,000, and the Texas Comptroller of Public Accounts, owed over $124,000. Panera LLC on May 23, 2025, filed a lawsuit against EYM Cafe of Texas in the U.S. District Court for the Eastern District of Missouri for unauthorized operation of several Panera locations in Texas and unapproved use of its trademarks. EYM Cafe's franchise agreements had been terminated in March and May 2025 due to payment defaults, food safety violations, and brand standard breaches, according to Related: Major mattress retailer files Chapter 7 bankruptcy, closes stores A federal judge ruled in favor of Panera on June 17, issuing a permanent injunction and ordering EYM Cafe of Texas to stop operating under the Panera brand and remove all references to the restaurant brand's intellectual property by Aug. 21, QSR reported. The judge's ruling also imposed a two-year non-compete clause barring EYM owner Eduardo Diaz from owning or advising any competing dining business within five miles of a Panera location. Diaz has a history of fighting lawsuits and filing for bankruptcy on behalf of his companies' other fast-food restaurant franchises. EYM Pizza, which at one time operated 142 Pizza Hut locations in Texas, Wisconsin, Ohio, and Indiana, filed for Chapter 11 bankruptcy protection in the Eastern District of Texas on July 22, 2024. More bankruptcy Major iconic food brand files for Chapter 11 bankruptcyPopular Dairy Queen rival franchisee files Chapter 11 bankruptcyPopular vision care chain files for Chapter 11 bankruptcy The debtor sold 77 Pizza Hut locations and closed 65 locations it could not sell in the bankruptcy case. The franchisee had also been sued by Pizza Hut after it allegedly stopped paying franchise royalties when a forbearance period ended. EYM Cafe of Texas King. Diaz's KFC franchisee EYM Chicken closed 25 of its 47 locations in 2024, and his EYM Chicken of Indiana LLC entity filed for Chapter 11 protection in the Court for the Eastern District of Texas on June 14, 2025. Another Diaz franchisee, EYM King, was ordered to close 26 Michigan Burger King locations in March 2023 after the Burger King Corp. terminated EYM's franchise agreement, according to Restaurant Business at the time. Burger King had filed a lawsuit against EYM King in February 2023 seeking payment of unpaid royalties, advertisement payments, and other charges. Don't miss the move: Subscribe to TheStreet's free daily newsletter The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
