IRVINE, CA-Land Interests Inc. has closed on 10California properties on behalf of Paladin Asset Preservation &Management Inc., the court appointed receiver. Land Interests isdisposing of the entire portfolio, formerly owned by John LaingHomes, consisting of 831 residential lots and 63 homes in thestates of California, Colorado, and Texas.
Tony Eaton, Mike Land and Guillermo Monge of LandInterests in Irvine, CA, represented Paladin Asset Preservationexclusively in the transactions. The 10 California propertiescollateralized a portion of a $200 million dollar credit facilitysyndicated under the lead of Wachovia Bank.
Land Interests’ asset management team, a separatedivision of Land Interests, headed by Greg Ocasek, conducted amanagement strategy and disposition analysis, which forecasted aconsiderable increase in the net recoverable value by selling theassets individually in lieu of selling the entire portfolio to asingle buyer, according to Eaton. A comparison between the actualnet recoverable values and forecast resulted in a variance of lessthan 3%.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
