The borrower was still in title when the hotel sold, the Midlandexec explains. According to Dallas County records, the property wasowned for the last six years by Woodrow Corp. of Houston. Under thereceiver court order, the sale had to corner OK's from thereceiver, Prism Hotels in Dallas, and special servicer, MidlandLoan, not bankruptcy court as previously reported byGlobeSt.com.
"But by not going to title, we were able to modify the existingnote and offer assumable financing to buyers, which expanded thenumber of potential players considerably," the Midland exec says ofthe 701 E. Campbell Road sale brokered by the Houston office ofTampa, FL-based Plasencia Group
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