Price Edwards & Company industrial specialist Bob Puckett has been given a listing to sell a non-performing loan in the form of a first mortgage held by Maiden Lane L.L.C. on behalf of the Federal Reserve Bank of New York. The note is collateralized by a 76,000+ square foot flex space development in Oklahoma City. The original note maker was Bear Stearns Commercial Mortgage, Inc. The property is in default but has not been foreclosed. The sale will be conducted on a bid basis. An important component of this sale is the establishment of a secure website for confidential documents to which prospective purchasers are granted access to executing confidentiality agreements.
Puckett worked with the special servicer of the loan for a year prior to the marketing period to establish property values based on industrial market trends.
