The parcel was previously acquired as approximately 199 acres by Zacher Homes on September 6th, 2005 in three transactions totaling $15,205,600 or $76,410 per acre. Upon completion of the sale, Zacher encumbered the land with new debts of $16.575m with Parkway Bank & Trust and $10.881m with TCC Investor Holdings. Zacher further encumbered the property with new debt of $8.1m with Merchants Funding issued September 8th, 2006 and $1.8m additional debt with Parkway Bank & Trust issued March 27th, 2007.
A Notice of Trustee Sale was served on the senior $16.575m note with Parkway Bank & Trust on December 9th, 2008 and the property reverted to beneficiary at an April 19th, 2011 trustee’s auction with a $9.492m credit bid. The property was held by a Parkway Bank & Trust reversion entity—PB & J XXIV, LLC—for approximately 19.5 months prior to the November 2nd, 2012 sale date.
Per the listing broker, James T. “Nate” Nathan of Nathan & Associates, the site had received preliminary approval from the City of Phoenix in 2007 for 555 lots with the following front footages:
· 194 lots of 70 front feet
· 157 lots of 60 front feet
· 197 lots of 50 front feet
· Seven custom lots of at least 140 front feet
This plan also calls for 7.37 acres of commercial development within the community, though this preliminary platting has expired. John W. Graham, in his capacity as CEO, was signatory for Sunbelt Holdings.
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Director of Analytics