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| January 29, 2010
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| SCOTTSDALE AIRPARK OFFICES DEVELOPED BY CAVAN TARGETED FOR FORECLOSURE
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| Scottsdale – With roughly 6 million sq. ft. of empty office space in the Scottsdale Airpark, the downtrodden real estate market is taking its toll on a major project in north Scottsdale. Two office buildings with in the Raintree Corporate Center are scheduled to be sold at a trustee’s sale on April 16. According to Ion Data, a Mesa-based provider of real estate information, Michelle Ghidotti of Assured Lender Services Inc. in Tustin, Calif. is the trustee on the pending foreclosure (see Commercial Foreclosures on P. 4). Ion Data’s Foreclosure Update lists US Bank, N.A., as trustee for the registered holders of Merrill Lynch Mortgage Trust 2006-C1 Commercial Mortgage Pass-Thru Certificates, Series 2006-C1. The loan was sold in a pool of Commercial Mortgage Backed Securities (CMBS). The special servicer for the beneficiary is CW Capital Asset Management in Washington, D.C. The office buildings, which total a combined 299,000 sq. ft., are collateral on a loan issued in 2006 that has an original balance of $59 million. The mortgage was issued to RCC North LLC, a company formed by Dave Cavan of Cavan Management Services in Scottsdale. The loan is secured by a 149,083-square-foot office at 15333 N. Pima Road and a 149,918-square-foot building at 15111 N. Pima Road. The offices, both three-story structures, are 60 percent and 40 percent leased. Cavan developed the buildings in the first and second phases of Raintree Corporate Center. Denny Matthew of Cavan Management Services says the company is working with the special servicer and hopes to reach a resolution in which Cavan will continue to own, manage and lease the office buildings. Cavan developed another 344,890 sq. ft. of office space in two other structures at Raintree Corporate Center. Those three-story buildings are at the northeast corner of Raintree Drive and the 101 Loop. A 168,067-square-foot office is at 8800 E. Raintree and a 176,823-square-foot structure is located at 8888 E. Raintree. The smaller building is 70 percent occupied and the larger one is 54 percent leased. Matthew says those properties have separate financing and that loan is not in default. In April 1997, BREW reported Cavan assembling 50 acres at the northeast corner of Raintree and the 101. The company built 858,490 sq. ft. of office space in multiple projects at Raintree and the 101 Loop. The company previously sold just under 215,000 sq. ft. of office space in 15 buildings. Learn more from Matthew at (480) 627-7000. Alex Guggenheim is the contact at CW Capital . . . reach him at (202) 715-9500. Call Ghidotti at (714) 508-7373. Zach Bowers of Ion Data is at (480) 831-6677, ext. 15. |
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