Located at the Southeast corner of 79th Avenue
and Encanto Boulevard in Phoenix, the property was previously acquired by Tri
Pacific Capital Advisors on January 13th, 2006 for $5,965,448 in an
all cash transaction. At that time, Tri Pacific as owner and K. Hovnanian Great
Western Homes as builder entered into a purchase option agreement whereby K.
Hovnanian could acquire and develop lots within the community.
On February 24th, 2006, Tri Pacific secured
financing with Comerica Bank totaling $200m in two notes: a $150m A & D
revolving credit facility as well as a $50m line of credit, both of which
released with sale of the property. Final plat of the subdivision was approved
May 31st, 2006 at the behest of K. Hovnanian Great Western Homes,
who exercised their purchase option on twelve occasions to acquire a total of
124 lots prior to release of the option on December 15th, 2008.
D.R. Horton paid cash for the lots. VIZZDA reported on the
homebuilder’s acquisition of seventy finished lots and five speculative homes
last month in the Hurley Ranch subdivision following their notice of trustee’s
sale, read more about that sale and other major transactions here.
Paul Dionne
Director of Analytics
Vizzda
Paul Dionne
Director of Analytics
Vizzda
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