The company behind the Legacy Lofts project had filed for bankruptcy protection in December to stop a foreclosure sale on a portion of the property.
He told the judge there is a secured lender holding a first lien it contends is valued at about $7 million. The lien is on a small office building that represents Legacy Lofts' only remaining asset. All of the townhouses in the subdivision were sold prior to the bankruptcy.
“The little office is all that’s left, so we believe the bank has a lien that and there’s no equity in that property,” DeBard said. “We would prefer that the case be dismissed. There’s really nothing for a Chapter 7 trustee to do. It would incur another layer of fees, we think.”The only lender listed in Legacy Lofts' bankruptcy schedules was, a Seattle-based specialty real estate finance company that had moved to foreclose on the office property Nov. 15 after making a nearly $7.
The bankruptcy forced a conversation between Legacy Lofts and the lender, a Legacy Lofts representative said. Negotiations are ongoing. BRMK Lending is a subsidiary ofProperty records shows Legacy Lofts sold only three of the 19 units to individual buyers before completing two bulk sales to Mission-based Esaad LLC — including just days before the foreclosure notice was recorded.
Esaad closed on eight units Oct. 27 and another eight on Nov. 11, paying nearly $7.7 million for the 16 units — or an average of nearly $480,000 each, a bankruptcy document show.
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