Melarky

The Belsera Heights (Belsera, Bella and Bellazzo Courts) project on West McCarron received a $2,000,000 NOD.   The loan was secured by the last 10 lots in the development, some of which are now under construction.  Originally developed by Landmark Homes and priced near $1M.

The R & B Verdi project is back on the market for $7,900,000 "Make an Offer".  This 1001 acre parcel has entitlements for up to 676 single family homes.  Altmann Ott bought the land for $7,200,000 in October 2003, completed the entitlements and I believe walked it through to parcel map.  R & B bought the project from them for $35,000,000 in June 2005 and the listing states that the property was once appraised at $42,000,000.

The short sale bids for the Grant’s Landing project downtown were due May 20.  I wonder if "the Dude" has heard anything?  This is one project I really hate to see die, especially with all the activity created by the new ball park.

Class A commercial properties in the Bay Area area starting to show cracks.  The $43M note on 250 Montgomery Street has been called in, and Goldman Sacks is marketing it for offers.  The largest project in Marin County, the Marin Commons project in downtown San Rafael, went back to the bank last week (bad Hines, bad!).  We had a couple of our high-rises change hands during the peak – is Reno far behind?

Ken Cash put up a provocative post at Chasenation a few days ago regarding Loans and HOA Lawsuits.  Just one more thing to be thinking about.  I know that an outstanding lawsuit at my development is delaying a current loan closing.

I had to save 5750 Melarky for last so I could post a large photo, and it ties into the commercial theme of this post:

The property received a NOD a couple weeks ago for $840,000, and their is also a $200,000 HELOC outstanding.  The owners dabbled in Reno commercial property, and assembled a motley crew of properties.  My favorite is the vacant lot between Smart & Final and Suzie’s Adult Emporium which I know well (from shopping at Smart & Final!), now TD.  It is a complex chain of title, but it seems like this house was used to leverage their other commercial and residential properties.

Free Speech Hour – what do you lurkers have to say?