- NOTE SALE REDUCED $300,000 AND GOING TO TRUSTEE SALE -
Defaulted 28 Unit Entitled Condominium Development
Project in Desirable Bay Area City of Los Altos

PROPOSED DEVELOPMENT
The project is entitled for the development of a 79000 SF 5 story with 2 basement levels, 28-unit residential building located on a 19000 SF corner lot in a very desirable Los Altos area. The current property comprises of an old dilapidated two story building ready to be demolished now. The new proposed building will have such features as a common gym, family room and rooftop terrace with outdoor BBQ/kitchenette and the unit will include(13) 3+2, (11) 2+2 and (4) 1+1 units.
Proposed Construction Costs at $31,000,000
Proposed Completed Value at $60,000,000+
Buyer to verify status of project with City
Plans and appraisal available and must sign NDA.

Original Loan Amount $6,500,000
Original Interest Rate 12.5%
Default Rate 22.5%
Maturity Date 8/1/2024
NOS on 12/11/2024
Current Property Value at $8,480,000
Estimated Value at Completion $40,700,000