April 2, 2009

Sperry Van Ness – Mimi Song Realty Group, Inc.  is pleased to announce the successful closing of 29 partially finished lots located in the Orange County City of Lake Forest.  John Reeder of Sperry Van Ness represented the Seller, Sterling Savings Bank, in the transaction.  The Buyer was Silveroak Real Estate (Mark Frazier, Principal).

The transaction closed with less than a five day total escrow and closed at full contract price.

Sterling Savings had foreclosed on the much publicized project less than 14 days prior to re-selling it.  The project had received significant media attention throughout 2008 due to the high profile bankruptcy of the previous developer.

Sterling Savings Bank continues to dispose of Southern California assets, including both paper lots and finished lots.  For information on remaining REO, contact John Reeder at 951-847-6928.

Sperry Van Ness and Guardian Management (Karlin Conklin, COO) have joint ventured in representing Sterling in Southern California.  Guardian has been selected as the Asset Manager on a number of Sterling assets throughout the Western US.

This transaction was the third this year in which Reeder represented Sterling in conjunction with MBK Consulting (Mohammad Kashani, Principal).  MBK Consulting provides due diligence services on Sperry Van Ness – Mimi Song Realty Group REO assignments in order to provide for expedited transactions that can close at full contract price.  In the case of this project, MBK provided various services aimed at preserving the City entitlements while the project was marketed and until escrow closed.