October 6, 2011
Scottsdale, AZ- Marking its third Phoenix area acquisition since July, San Diego-based Pathfinder Partners, LLC has purchased the unsold units at Barolo Place, a high-end condominium project at 10757 North 74th St. in Scottsdale, from Zaremba Group, LLC, the original developer. Pathfinder acquired the remaining 16 units in the 65-unit community; the developer sold 49 units from 2007-2011.
Four of the acquired units are complete and 12 are partially finished. Pathfinder will complete the units – ranging from 1,278 to 2,007-square-feet (average of 1,728-square-feet) – by early November, installing alder-wood cabinets, luxury fixtures, granite slab countertops, hardwood and stone flooring, high-end appliances and washer/dryer units. Phoenix-based Old West Builders is the general contractor and the Melanie Sanders Team at ReMax Excalibur in Scottsdale, Ariz., the sales organization.
The Barolo acquisition comes on the heels of Pathfinder’s July acquisitions of 84 luxury condominium units at Dorsey Place in Tempe, Ariz., as well as the purchase of Dobson Springs, a 120-unit apartment project in Mesa, Ariz.
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October 5, 2011
Seattle, WA- Resource Transition Consultants (“RTC”), the court-appointed receiver for the lender of The Sanctuary, has announced the appointment of a design and construction team – led by Seattle-based general contractor Belfor Property Restoration – to complete the 12-home development by December, 2011. The project is expected to reenter the marketplace for sale in January, 2012.
“We’ve assembled a world-class development team to complete the vision of The Sanctuary – a century-old church in Seattle’s Capitol Hill neighborhood that was converted into a premier multifamily community – and we look forward to successfully reintroducing the project for sale in the New Year,” said Rob Nall, Principal of RTC.
In addition to RTC, project lender Pathfinder Partners, LLC and Belfor, The Sanctuary development team now includes:
• Architect – Runberg & Associates
• Construction Representative –The Justen Company
• Interior Designer – Robin Chell Design
• Marketing and Sales – Realogics Sotheby’s International Realty
“Construction is well underway and includes many design improvements recommended by brokers and prospective homebuyers,” said Nall. “We’re retooling the homes for today’s market – resetting prices while adding value to the finished product.” Read More »
July 18, 2011
SAN DIEGO, Calif. – Marking it’s first purchase in the greater Phoenix area, Pathfinder Partners, LLC, a San Diego-based company specializing in making opportunistic investments in distressed real estate assets and defaulted loans, has acquired 84 units within Dorsey Place, a 90-unit, high-end, four-story condominium project at 1275 University Avenue in Tempe, Arizona. Pathfinder will operate Dorsey Place as a rental community with Phoenix-based Allison Shelton Real Estate Services as the property manager.
Situated on a 1.4-acre site, Dorsey Place is just two blocks from Arizona State University, one of the country’s largest universities with more than 55,500 students. Pathfinder’s Dorsey Place condos include 64 two-bedroom/two-bath, 1,100 square-foot-units and 20 three-bedroom/two-bath units spanning 1,200 square-feet. The property – boasting an interior courtyard, heated swimming pool and common use lounge – is expected to appeal to both ASU graduate students and faculty members. Read More »
May 17, 2011
Expanding its presence in the Colorado market, San Diego-based Pathfinder Partners, LLC has acquired 20 units in Hunter’s Chase, a condominium project in Parker, Colorado, a historic town 19 miles southeast of downtown Denver. Bringing a long-stalled property back on the market, Pathfinder has listed the property for sale with Denver-based Koelbel and Company.
According to Lorne Polger, senior managing director of Pathfinder Partners – which specializes in making opportunistic investments in distressed real estate assets and defaulted loans – the project had been bank owned for a number of years when his company acquired it in late April. “Our focus will be on concluding construction immediately and selling the condos over the next six to 12 months.” Read More »
May 3, 2011
San Diego-based Pathfinder Partners, LLC has acquired The Eastlake Medical and Professional Center – an office and medical condominium project located on Otay Lakes Road in Chula Vista’s Eastlake area. Bringing a long-stalled property back on the market, Pathfinder has listed the property, renamed Eastlake Professional Center, with commercial brokerage firm Cassidy Turley BRE Commercial.
According to Mitch Siegler, senior managing director of Pathfinder Partners, his company purchased the 68,000-square-foot property at a foreclosure sale in April. “Sales at the property – which received its certificate of occupancy in 2008 – had been stalled for several years. The original borrower defaulted on the $16.3 million loan and was embroiled in litigation with the lender, preventing the sale of any condos,” Siegler said. “As an all-cash buyer, Pathfinder was able to reset the project’s cost basis and will now offer units starting at just $139 per square foot, a fraction of the more than $300 per square foot the units were marketed for three years ago.”
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December 3, 2010
Pathfinder Partners LLC, which specializes in distressed real estate assets and defaulted loans, has
entered a joint venture with Raintree Residential LLC, a real estate investment firm, to acquire
single-family homes, townhomes and condominiums through short sales. The new joint venture —
Pathfinder Raintree Residential LLC — has initially committed more than $ 5 million of capital to
purchase and renovate 50 single-family homes in Chula Vista and other areas of San
Diego County that have been hit hard by foreclosures.
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October 21, 2010
Pathfinder Partners, LLC – a San Diego-based firm which makes opportunistic investments in distressed real estate assets and defaulted loans – announced today that it significantly expanded its portfolio of multifamily properties and residential subdivisions during the third quarter, acquiring five communities in Los Angeles and Coachella Valley (near Palm Springs), Calif.; Orlando, Fla.; Portland, Ore.; and Norman, Okla.
According to Mitch Siegler, senior managing director of Pathfinder Partners, “three of the acquisitions were loan purchases and the other two were properties acquired from lenders and bank real-estate owned (REO) departments –aggregate loan balances on the transactions exceeded $60 million.”
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May 11, 2010
Pathfinder Partners, LLC, a San Diego-based fund manager that acquires distressed commercial
real estate loans and real estate from financial institutions, announced today that it has launched
Pathfinder R3 ™— a new rescue financing program designed to provide much-needed capital to
under-capitalized real estate owners.
According to Pathfinder’s senior managing director, Mitch Siegler, R3 ™ signifies “restructuring,
repositioning and rescue financing.” To that end, he said, “the program’s goal is to help real
estate owners and investors — hit hard by frozen debt markets and plummeting commercial real
estate (CRE) values — repurchase or restructure bank loans and reposition projects in need of
capital.”
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