Condominiums – Sold
Number of Units: 156
In September 2008, CCS acquired a first deed of trust and mezzanine Loans (at $97 PSF), with a par value of $24.5 million encumbering the 156 unsold units of a condo project located in Tucson, Arizona. The Villas at Hacienda del Sol project was originally started as a 218-unit luxury gated rental community in 2004. The original borrower acquired the project in 2007 and converted it to condos. As the Tucson condo market continued to deteriorate in 2008, the borrower defaulted on the notes. CCS was able to underwrite both loans and close for cash within two weeks. CCS took title to the property in February 2009 by deed in lieu and implemented a leasing program to offset carrying costs while the Tucson market recovered. CCS later began a new sales program and is nearly sold out of the project with prices averaging approximately $160 per square foot.