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Lenders Auctioning Non-Performing Morgan Debt

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June 12, 2012 by   - () Leave a Comment

CMBS Trust is selling the securitized loans to Morgan RV Resorts, an RV and manufactured housing chain based in Saratoga Springs, N.Y.,  totaling more than $149 million at an auction later this month.

The debt represents mortgages Morgan RV Resorts or an affiliated business took out on a total of 21 properties in states, mostly in the East.

Auction.com is heading the public auction of the debts starting June 26. The auction ends June 28.

Bill Clarkson is the loan sale adviser.

Promotional materials have this to say about the four loan pools:

The American Camping Resort portfolio contains seven mobile home communities in York and Rockport, Maine; Copake and Gansevoort, N.Y.; Ocean View, N.J.; and Grand Haven, Mich.

  • Note is first position lien on fee interest. Notice of default filed on Sept. 1, 2011.
  • The collateral is secured by a seven mobile home park portfolio totaling 1,542 pads.
  • The properties have an appraised value of $19,030,000 and a principal balance due of $36.4 million.

The Atlantic Blueberry RV Resort portfolio features nine mobile home Communities totaling 943 acres in Raymond, N.H.; Buena Vista Township, Estell Manor, and Port of Republic, N.J.; Wilton, N.Y.; Maggie Valley, N.C.; Mantua, Ohio; Saltlick Township, Pa.; and Lodi, Wis.

  • The subject loan was originated on Aug. 2, 2006, with an original balance of $75,500,000 at a 6.58 percent fixed interest rate. The loan had an outstanding principal balance of $61,026,495 as of April 27, 2012, and a notice of monetary default was sent by the lender on Oct. 27, 2011. The collateral secured by the loan has a total of 3,670 pads. Amenities include on‐site managers office, community room, swimming pool, storage sheds, mail kiosk, playground, and trash area.
  • The properties have an appraised value of $41.6 million and a principal balance due of $61.02 million.

The Indian Creek RV Resort portfolio features properties located in the cities of Geneva, Ohio, and Old Orchard Beach, Maine.

  • The three communities total 1,432 pads and amenities include swimming pools, volleyball courts, tennis courts, laundry facilities, a fresh water lake, and playgrounds. The subject loan was originated on Sept. 26, 2006, with an original balance of $36,350,000 at a 6.38 percent fixed interest rate. The loan has an outstanding principal balance of $ 35,645,485 as of April 27, 2012, and a notice of maturity default was sent by the lender on Oct. 27, 2011.
  • The properties have an appraised value of $30.5 million and a principal balance due of $35.6 million

The Lake George Campsite portfolio features properties located in the cities of Queensbury, N.Y., and Cape May, N.J.

  • The subject loan was originated on Sept. 26, 2006, with an original balance of $16,300,000 at a 6.63 percent fixed interest rate. The loan had an outstanding principal balance of $16,221,661 as of April 27, 2012, and a notice of monetary default was sent by the lender on Oct. 27, 2011. The collateral secured by the loan has a total of 982 pads. Amenities include on‐site manager’s office, community room, swimming pool, storage sheds, mail kiosk, playground and trash area.
  • The properties have an appraised value of $11.1 million and a principal balance due of $16.2 million.

 

 

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