– The Villas at Sparks Marina project has been bought out of foreclosure for $325,000. The amount owing on the loan when the bank foreclosed was $19,804,066.11, and the original Deed of Trust was $24,734,000. In better days, the project was supposed to look like THIS. Today, only the half built shell of the central parking garage remains.
The buyer was Future Beginnings LLC, which is a DBA for Xinyuan Real Estate Co, LTD with Jackie Zhang listed as the Officer on the Secretary of State site. There is very interesting write up on the deal at the Northern Nevada Business Weekly.
– NNBW also reported on the sale of 18 Somersett lots to Mountainside Partners. They seem to be Capstone Communities based on their address and SOS filings. Think the Village at Idlewild and Virginia Lake Landing. How the frick can an entity that has tanked 2 projects for millions in losses still be bankable for a new spec development?
– The Hobotel market is heating up with Page Ventures / NRES / PV 2 buying 460 E Grove for $381,301. PV 2 has been picking off some of the lowest end rental units for some time now, but their pace has been picking up. This one sold in 2005 for $1.2M back in the day, with only a $875K loan in place. 21 doors, Is Jeremy becoming a REIT or a slum lord?