Colliers Directs $9.25M Note Purchase From China Trust Bank
- Jan 29, 2010
Reseda, Calif.—Colliers International has directed the notes sale of a 51,729-square-foot multifamily property at 18557 Saticoy Street in Reseda, Calif. The sale is valued at $9.25 million.
Han Widjaja, associate in Colliers International’s Los Angeles office, represented the buyer, Alon Global Saticoy LLC., a private investor. The seller, China Trust Bank, was unrepresented.
Upon completion of the notes sale, Widjaja directed a deed in lieu of foreclosure, which transferred the deed from the borrower to the buyer.
“The tricky part of this deal was the deed in lieu process which extended beyond the expected timeline,” says Widjaja. “The buyer took advantage of the discounted purchase price, which was below replacement costs, and saw this as an excellent long-term investment.”
Built in 2008, the 53-unit apartment complex is situated on a 27,265-square-foot lot.