J Caskie Collet, President of The Reliant Group of San
Francisco purchased Arte Retirement Community from Avenir Retirement
Communities for $30M—days before the property was to be auctioned off.
The distressed senior living facility was scheduled to go to
the block June 20th pursuant to an April 2nd, 2012 Notice
of Trustee Sale issued by the successor beneficiary to Bank of America, Square
Mile Capital. Square Mile purchased the $36.25m face value note in October of
2011 and sold in January 2013 to Invesco Advisors, Ltd.—a Houston, Texas-based
distress real estate debt fund in the care of its vice president, Ron Ragsdale.
Reliant tendered $6.64m in cash and secured an additional $23.31
in funding from BOK Financial (DBA Bank of Arizona), allowing for the release
of the outstanding note. While technically a short sale, it is likely that
Square Mile and Invesco Advisors acquired the note at a significant discount to
face vale.
The 170-unit three-story resort-style senior living facility
is comprised of two buildings totaling 183,705 ft2, built 2009 on
3.83 acres zoned R-5. Independent and assisted living
facilities are provided on-site. The structure also includes below grade
parking. For more insight into the ownership and debt history of this and
thousands of other commercial properties, contact Vizzda
to schedule a demonstration or begin your subscription.
By:
Daniel Alpers
Director of Planning and Municipal Projects
Vizzda.com
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