Longley Professional Campus is located at the corner of Longley and Double R. It is planned to consist of 31 buildings on 14 acres. So far, 20 (maybe 23, judging from the aerial photos, and I don’t think Buildings 21 and 22 exist) have been built, and most have been sold. Construction was funded with a $20,700,000 loan from Key Bank in April 2005, with a due date of 4 July 2009. The NOD was filed today against the titular owners of the property, Longley Professional Campus LLC. Tanamera claims this as one of their projects on their web site, all the LLCs involved have the same address as Tanamera, contractors who use the project as a reference cite their client as Tanamera, but I need to stop short of calling this a Tanamera project. You be the judge.
No amount was quoted as due in the NOD other than the original loan amount of $20,700,000. There have been several loan modifications, one of which reduced the principal to $15,701,240 and another which further reduced the principal by $350,000 and extended to the due date to 4 July 2009. When individual buildings in the project sold, the principal may have been paid down and these properties are not part of the NOD. So who really knows what the number is?
The parcels involves in the NOD are:
– 5422 Longley, 5712 SF, Building 10.
– 164-421-17/18, 4088 and 3922 SF, Building 13.
– 164-440-03, 8239 SF. This isn’t showing a a building yet on the Assessor’s site, but I think its built. It is to the west of Building 15.
– 5549 Longley, 3407 SF, half of Building 14.
– 5588 Longley, 3407 and 2561 SF, Building 15.
– 164-401-08, a common area that is the parking around Buildings 1-6.
– 164-421-14, a common area that is the parking around Buildings 7-13.
I think it was an error that APN 164-440-08 was not included. It is the unbuilt remainder of the project. Look for this notice to get re-recorded. Or maybe I’m missing something.
Just wondering. You buy your building which has "rights" to common area parking, and the parking gets foreclosed on. Do you lose your parking? The bank’s lien on the property is senior to any agreement with the individual building owner.
This is a really complicated situation, and any of you data hounds that are interested may want to hit the Recorder’s site with "Longley Professional Campus" to see the previous filings, and the Secretary of State’s site to check out the parties in the chain of ownership. I’ve seen a few individual commercial properties go NOD and worse, but this is probably the first development of its kind I’ve seen go bad. And though this is not a "Tanamera" property and they are probably protected under a web of LLCs anyway, it makes me start to wonder.
Martin
795 NODs so far this month, for an average of 53 per business day. If this number holds for the remaining 6 business days, we wil see about 1,100 NODs this month.
This is getting worse, not better.
Raymond
The ‘official’ unemployment rate in Washoe County hit 12.2% for July. Add to this the people who have simply stopped looking for job, and the people who are underemployed (ie working 20-25 hours who used to work 40, or the people who have taken an $8/hr job, who used to make $20/hr)and the real number is much higher.
This is not irrelevant to the state of the housing market.
Gina
Mike, one of the reasons my husband and I did not end up moving to Reno was the lack of affordable commercial real estate. We saw (and were shown) many available buildings that all had common traits – priced per square foot as if in Los Angeles, not built out – so what you were buying was the skeleton, condo developments where you own part of the lot and pay an association fee for parking, etc.
They were more than we wanted to pay, and more work than we wanted to get into.