60 Finished Lots in Ash Creek Estates Purchased for $4.35M

VIZZDA–August 21, 2012 – Notebuyers Jerry Ledderhof of Jorah Investments in Ontario, CA and Robin Lang, a Houston-based investor, sold 60 final platted lots within the Ash Creek Estates community to Fulton Homes for their “Mendocino at Ash Creek” branded community. In the deal, which closed August 20^th, Fulton Homes put $50.0K down and financed the rest with a $128,941,196 existing line of credit with Starwood Capital Group of Greenwich, CT.

Ash Creek Estates is an 85.3 acre planned area development located at the southwest corner of Signal Butte and Ocotillo Roads in Queen Creek. The conveying 60 lots represent a significant portion of the 144-lot community. The lots have minimum dimensions of 115’x135’ and range from 15,300 to 25,700 ft² in size. Fulton is offering 4 single-story home plans ranging from 3,014 to 4,450 ft² and featuring 4+ car garages and offering up to 7 bedrooms and 5 baths.

Ash Creek Estates was developed by Paul Jorde who acquired the land prior to July 28^th, 2004 when he took a $4.35M construction loan on the property with M&I Marshall & Ilsley Bank. The community final plat was recorded November 3^rd, 2005.  M&I sold the note to Ledderhof and Lang October 2^nd, 2008 who then foreclosed on Jorde, taking 129 lots, with notice of trustee sale issued November 24^th, 2008 and Trustee Sale February 23^rd, 2009 with a $4.35M credit bid amount.

By:

Edward Moore

Director of Research

emoore@vizzda.com