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.

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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.

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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%.

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The specific details of the transactions will notbe made available. Closings of the Colorado and Texas assets willoccur in the fourth quarter of 2010.

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Eaton tells GlobeSt.com that the 10 assets in California stretchfrom San Juan Capistrano, CA up to Roseville, CA and are alldevelopment projects. He points out that it is very difficult toassess total square footage of the properties “as several of theseprojects are land and finished lots with no construction.” However,the California properties consisted of 37 standing inventory, 191finished lots and 191 partially improved lots.

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“The process of conducting a multistate sale through areceivership estate with three separate courts, 12 unique buyers,and a lending group comprised of five banks and the FDIC was bothchallenging and interesting,” Eaton tells GlobeSt.com. “Ourcompany’s strategy is to provide a wide range of expert third partyservices to lenders and receivers. We manage and dispose of realestate assets with full transparency to our clients ensuring thatthey meet all fiduciary requirements to their stakeholders.”

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Land Interests is a full service real estateadvisory, asset management, brokerage and investment advisory firmspecializing in the evaluation, strategy formulation,implementation, management, and disposition of commercial,residential and multifamily properties and mortgage notes.According to a prepared statement, the company has established a“unique reputation for the quality and return on cost of theirservices, resulting in the management and disposition of many ofthe largest defaulted credit facilities over the past three years,”including: the Hacienda Homes and Trend Homes Portfolios inArizona, the Barratt American and Ennis Homes Portfolios inCalifornia, along with the multistate John Laing Homes Portfolioand a $65-million Bank Note Pool currently listed. The John Laingportfolio, according to the release, represents the second largecredit facility that Land Interests has disposed of in the lastyear. According to Eaton, “Paladin did a terrific job negotiatingthe settlement and release of more than 300 liens prior to thefirst close of escrow which resulted in a greater net recovery forthe estate as well as saving the lender group a considerable amountof money above and beyond the costs of foreclosure.”

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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.