Amazing But True!
Credit Suisse finally Forecloses!
The details below are from a letter to homeowners from the TMA attorney.
Two Sheriff Sales took place today, March 10th, 2014, at the Valley County Courthouse in which Credit Suisse was the primary lien holder. The first sale at 1:00 pm was for the "Tamarack Mortgage Property", the underdeveloped "Heritage" part of the resort and the Mountain Facilities including the State leased land.
With a credit bid of $65 million, Credit Suisse claimed ownership of these properties. Also at the 1:00 sale, Credit Suisse submitted a successful credit bid of $10 million for the "Whitewater" mortgaged property, which generally is the other platted, but unsold, lots owned by TRLLC, together with TRLLC person property. At the 1:30 sale, Credit Suisse submitted the successful $5 million credit bid for the Lake Wing. The total amount incorporating all three bids is $80 million.
Credit Suisse has created a Special Purpose Entity (SPE) holding company called New TR Acquisitions Co. LLC or NEWTRAC that will take title by assignment. NEWTRAC title remains subject to redemption for a year on the Tamarack and six months on the Whitewater and Lake Wing properties.
The Banner Sabey / Village Plaza period for redemption expired last week. No party came forward to redeem, so Banner Sabey is now the owner of the Village Plaza property free and clear of redemption rights and other claims except for TMA assessments, taxes and sewer assessments.
The 15 Trillium town homes, which were acquired by Tamarack Design's submission of their credit bid at Sheriff Sale, were redeemed by Credit Suisse several weeks ago during the redemption period, and assigned the Sheriffs deeds to NEWTRAC who now becomes an official member of the Tamarack Municipal Association with respect to the Trillium Townhomes and the Heritage, Mountain Facilities and other properties in Whitewater.