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We are the OWNERS of a 1st lien NPN (with signed deed in lieu, not recorded yet) asset is Southern Arizona development (near Tucson)
NPN Includes $2.5 Million Ranch house and casita on property (2010 appraisal). Unpaid Balance of note was $23M when we bought it recently.
1700 acres of residential land approved by city for 475 lots. Developers can't afford to carry or finish project.
Selling at $7.5M (includes ranch house and casita) that comes to $4,411/acre or $15,800 per residential lot.
Two independent land brokers that know this property well said the 1,700 acres of land could be sold in a fire sale at $6,000/acre ($10,236,000). Another source indicated that the fire sale value was $8,000 to $10,000/acre.
An appraisal dated March 2010 valued the land for $25,500,000 and $2,575,000 for the Ranch House with 5 acres.
Contact me for all details.