VIZZDA -- December 12th, 2012 -- The Pointe Hilton Tapatio Cliffs Resort in North Phoenix was purchased by Boxer Properties through a $23m bank sale from C-III Capital as special servicer for Bank of America CMBS. Assumption of a 65 year ground lease concluding in 2053 was disclosed with sale.
The resort totals 584 rooms in twenty-eight buildings, and features an eighteen-hole, par seventy-one golf course. The site consists of approximately 230 acres zoned RH, or resort district, south of the southeast corner of Seventh Street and Thunderbird rd.
The property was previously acquired by Highland Hospitality March 17th, 2006 for $76m and assumption of a 65 year ground lease that originated July 12, 1998. $55,250,000 new debt was issued on the property August 29th, 2006 with Well Fargo Bank, care of MERS, and maturing September 1st, 2036. The loan note was securitized and assigned on October 13th, 2008 to C-III Capital as special servicer for Bank of America CMBS. Notice of trustees sale was given on the CMBS note August 24th, 2010 and the property reverted at trustees auction to CMBS beneficiary for $51,000,000 credit bid amount.
By:
Daniel Alpers
Director of Planning and Municipal Projects
Vizzda.com
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