VIZZDA – September 24, 2013 – In April we reported that the the entirety of the Black Canyon Commerce Park and the Red Mountain Corporate Centers in Phoenix had been issued a Notice of Trustee Sale for a debt in the amount of $40m (LINK) This debt was based upon a loan by Column Financial issued July 13, 2005 and later securitized as a CMBS or commercial-mortgage-backed security. The Notice of Trustee Sale was issued by CWCapital Asset Management pursuant to their role as the Special Servicer of the loans in this CMBS portfolio. CWCapital has now taken back these assets through the trustee sale process with the trustee deed recording September 23, 2013, for the credit bid amount of $22.96m. These office properties total approximately 313,805 square feet. Please see the prior post for a more in-depth description of the properties.
Director of Research