The Hilton Tapatio Cliffs Resort Sells at CMBS Bank Sale

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

Metrocenter Business Park--Purchased for $17.6M in 2007--Sells in 2012 for $3.15M

VIZZDA--September 3rd, 2012 -- Houston-based Boxer Property acquired the Metrocenter Business Park for $3.15M of $24.58 per square foot. Boxer financed the purchase with an existing $464M credit line with Beal Bank, originated December 21st, 2009 and maturing June 30th, 2019. The bank-owned building was sold by C-III Asset Management as special servicer for JPMorgan Chase CMBS following an eight months as a bank-owned asset.  

Located at 10000 N. 31^st Ave in Phoenix near the Metrocenter Mall--West of the Southwest corner of Peoria Ave & I-17--Metrocenter Business Park totals 128,177 SF. The four building office complex consists of two 1-story, one 3-story and one 4-story buildings; all built in 1982 on 8.85 acres zoned C-2. 

Broker flyers indicate the property was listed on Auction.com at $1.25M starting bid and reportedly 50% leased. SF calculations vary from 128,177 SF per broker, 131,850 SF per Assessor, and 132,212 SF per special servicer.   

The property was previously acquired by a tenancy-in- common group February 1st, 2007 for $17.6M or $137.31 per SF; with $3,989,644 down and $13.768M debt with PNC Bank securitized and assigned to JPMorgan Chase CMBS. C-III Asset management in its capacity as special servicer noticed the property for trustee sale September 21st, 2011 and took back the property at auction January 10th, 2012 with a $9.05M credit bid.