Russell Vandenburg’s and TVO’s Condominiums In Foreclosure – El Paso News Organization

Russell Vandenburg’s and TVO’s Condominiums In Foreclosure

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13 Responses

  1. Rotten Peppers says:

    You may recall that Vandeburg did the appraisal of the Times building that Wilson then purchased for the city. Does anyone know the actual price the city paid for that building and what was the per square foot cost?

    Because in the emails that Ortega provided recently, a Sept 11 2012 email to Wilson (“Thanks Joyce”) asserts that the going price for downtown buildings is $40/ft sq. Is that what we paid to the Times or was there a premium for their “cooperation.”

  2. Rotten Peppers says:

    Martin; what role did Vandenburg have in the sale? I recall him being caught short about the appraised value when the Times found some descrepancy. Also, do we know the cost per ft sq? It was Josh Hunt in his email to Wilson and Ortega who gave the $40 number as the going rate downtown.

    • Rotten,
      There were three appraisals for the El Paso Times building.
      1. Hoover Appraisal Company provided two appraisals in August 2012, one for $10.3 million and the other for $11.87 million.
      2. Cushman & Wakefield Texas, Inc., on behalf of the owners of the paper prepared an appraisal for $9.5 million on October 3, 2012.
      3. On October 8, 2012, Wilkinson Pendergras & Beard, LP appraised the building at $12.97 million.

      The building was purchased for $9,375,500 on November6, 2012 by the city.

      I do not have access to the square footage at the moment so I apologize that I cannot offer you a square per foot figure. Russell Vandenburg was contracted to provide real estate services to the city including the purchase of the Times building.

      Thanks,
      Martín

  3. Michael says:

    Are you sure the whole condo complex is up for foreclosure or is just some units in the complex?

    • Michael,
      I’m not sure if it is the whole complex or just a few condominiums. It is hard to determine from the legal filings that I was able to access. However, as I understand it, some the condominium units were sold therefore I believe those are not included in the foreclosure. What I do not know is whether every unit under the control of TVO is up for auction or only a few. I believe I did not write the whole complex was up for foreclosure however it is very possible that I was not very clear so thank you for the opportunity to clarify this.

      Thank you for bringing this to my attention and for your participation,
      Martín

  4. Michael says:

    From your response, more so TVO is the managing company that takes care of the facility. Individuals owners that could be you or I own the units. With utmost respect this is a very careless assertions you make in this post without really disclosing correct information.

    • Michael,

      I must not be understanding what you are trying to tell me. The legal filing clearly shows that TVO Development Services, LLC is the debtor who is being foreclosed on. If there are owners in the complex who own property then they would not listed in the foreclosure. Whether they are managing or not is irrelevant as they are the named party in the foreclosure proceeding as a debtor. Please let me know what I’m missing here.

      Thanks,
      Martín

  5. Carl Starr says:

    Michael may have a point….TVO may be a cross defendant or something…it may help if Martin would post the legal document here.

  6. Tommy boy says:

    From my understanding their bank was taken over by another bank and that bank is no longer giving loans on condos. The only thing they could do was sell them off. This article is very misleading and tarnishes their image. You need to be careful about how you phrase these articles because you do not have your facts straight.

    • Thank you all for your comments. I can see there is confusion regarding my post; therefore, here is a link to the Notice of Trustee’s Sale by Substitute Trustee filed at the courthouse on February 17, 2013 announcing the sale of the property on Tuesday, January 7, 2014.

      The document is at: http://mtin.be/1eUQTXo

      I am not an expert on commercial finance and therefore my commentary is based on my understanding of the public documents. As you can see, it clearly states that TVO Development Services, LLC is referred to as “Debtor”. The document also states; “by reason of the failure of Debtor to timely cure a default under the Deed of Trust”.

      I look forward to your comments on the document I posted.

      Thank you for your participation in my blog.

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