The lender has taken ownership of The National, a 52-story mixed-use skyscraper in Dallas’ central business district, records show.

Ownership reverted to Starwood Property Trust, an affiliate of Starwood Capital Group, following a foreclosure auction on the steps of the George Allen Courts Building Tuesday. The listed purchase price was $207 million. Existing debt was used to buy the building.

Attempts to contact Starwood before publication were not returned. Dallas developer Shawn Todd, the building’s previous owner, could not be reached for comment.

The foreclosure and Starwood’s acquisition of the tower at 1401 Elm St. was expected.

In an exclusive interview last month, Todd told The Dallas Morning News that he owed roughly $230 million to Starwood. The lender filed the foreclosure in early January, and Todd said he would not fight the proceedings.

Todd cited high interest rates and lower downtown property values as reasons for the foreclosure. He previously said occupancy in the apartments had fallen below 80%.

Todd said he refinanced with Starwood three years ago, but talks with the lender weren’t enough to save the property from foreclosure.

“With our debt balance, the interest rate environment and property values downtown … We don’t see a path to us recouping our remaining equity,” he said. “We’ve been committed to downtown. We’ve been committed for 20 years. In 35 years, our firm has never lost money — this is the first year that it’s happened.”

Todd and his firm Todd Interests invested more than $460 million in a redo of the former National Bank Tower.

The midcentury tower set empty for a decade before it underwent one of the largest urban restoration projects in the nation. The 1.5 million-square-foot office tower became a combination of apartments, hotel rooms, retail, restaurants and office.

Todd touted the deal in 2019 as the “largest historic tax credit deal in Texas.”

The developers got $100 million in historic tax credits and $50 million in Dallas tax increment financing that made the project viable.

“The values aren’t there. That’s the main reason,” Todd previously said of the foreclosure. “The loan is due, and we’re not going to continue to pay.”

It’s unclear what Starwood plans to do with the property. All six restaurants, including the Italian steakhouse and seafood spot Monarch, will remain open.

Opened in 1965, the downtown skyscraper was designed by noted Dallas architects George Dahl and Thomas Stanley. It was the largest vacant building in North Texas when it closed in 2010.

It was the last of the city’s great skyscrapers to be repurposed, according to previous News reporting.

The foreclosure sales come just months after Todd’s firm offloaded its entire share of the 20-acre East Quarter development on the eastern edge of downtown to partner J.P. Morgan Asset Management for an undisclosed sum.

Todd Interests has been behind some of the city’s preeminent redevelopments. In addition to The National, the firm was behind the $300 million renovation and rebranding of Dallas’ Energy Plaza into The Sinclair.