According to a plugged-in reader Rincon Center Residential Towers was foreclosed upon yesterday with no bidders at the opening bid of $72,150,000 but “a LOOOOOT of suits [showing] up to watch it go down.”
Once again, the 320-unit building at 88 Howard was purchased for $143 million in 2007 by way of a $110 million note and with an additional $10 million invested since.
And as another plugged-in reader reported last month: “The ‘lender’ is a real estate investor who bought the loan at a discount…with the full intention of foreclosing and acquiring Rincon Center at whatever price they paid for the loan.” Done.
∙ Rincon Center Towers: Disputed Default Now Foreclosure In Process [SocketSite]
∙ Rincon Center Towers $110M (And Possibly In Default) Debt For Sale [SocketSite]