Listing for Foreclosed Condo Project Goes To TRI
Submitted July 22, 2010, 5:34 PM
Lenders have retained a San Francisco broker to market and sell The Landmark Plaza, a 95-unit mixed-use condominium project in Daly City that fell into default and foreclosure.
Anton Qiu, a principal with brokerage TRI Commercial, will exclusively market the property, which he says is 97 percent complete. It consists of 95 units including eight town homes. The project also has retail space and a below-ground parking garage with 450 slots.
Competition among brokers for the listing was fierce, Qiu said. “I have been chasing this deal for a year. Last year, when they were trying to sell the loan, I brought in multiple offers. I know more about this asset than anybody at the bank,” he said.
The estimated cost of the project, including land acquisition and construction, was more than $57 million, according to a news release from TRI. The developer, The Landmark Plaza-Daly City LLC, defaulted on the loan, which had an original balance of approximately $46 million. The bank foreclosed on the property in the second quarter after the developer filed for bankruptcy. There is no deadline set for offers, which will be addressed as they are made.
The property is marketed without an asking price, but Qiu said he expects the eventual buyer to get a “substantial discount” from the $46 million loan amount. “Even though the market is down, you are buying a practically finished product with no entitlement risk,”he said.
A development agreement with Daly City requires that the property remain condominiums, he said.
The property is located at 6495 – 6601 Mission St., also known as 88 Hillside Blvd. Units have ocean views, and the property is within two blocks of the BART station and Interstate 280 and is less than a mile from Westlake Shopping Center. The property also is adjacent to the new Daly City Community Center, which has a large library and gym. The project is approximately 13 minutes from downtown San Francisco and about 25 minutes from Silicon Valley.
