A parcel of land located Northwest of Battaglia Rd &
Sunshine Blvd in Eloy was noticed for trustee sale by Mesquite Holding Group
LLC. The 177.73-acre property is part of a larger 1,000 acre masterplan known
as “Esperanza”. Documents indicate the site is planned for 455 single-family
lots, a portion of which are improved, 123 density casita lots on 13.42 acres,
and nearly 25 acres of commercial use.
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| Vicinity Map of Esperanza, Phase I |
The site was originally assembled in 2003 for $1M and
briefly noticed for trustee sale on $2.55M debt with Hilton Financial Corp.
This earlier trustee sale was canceled and transferred to a related entity in
2004; the new ownership group were able to refinance with $6.5M debt loaned by
Specialty Trust Inc of Nevada.
K Hovnanian Homes entered a purchase option in 2005 for 88
lots within Unit 1; later described as 111 optioned lots. In 2006 the borrowers
increased their loan to $13M. Additional junior debt was loaned in 2008,
described as a $2M note with a local limited partnership.
Specialty Trust Inc filed bankruptcy in April 2010, and the
note later transferred to Northlight Asset Management. Ultimately, Northlight
sold the note in January 2014 to Mesquite Holding Group LLC; formed by Mesa attorney Mark T
Atchley of Atchley & Delgado Law. The notice filing indicates $13M original
principal, though the total amount owed totals $27,377,978. Auction is
presently scheduled for April 29, 2014.
By:
Hadden Schifman
Managing Director
Vizzda.com
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