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Albers Mill Sold for ... - Updated
When we think about Tacoma’s downtown revitalization and the various community fights that have occurred along the way, Albers Mill often comes to mind. A community effort to save the old cereal factory on the Thea Foss resulted in a $10 million renovation back in 2004. Now, eight years later, the project has been sold for $1.4 million. Heritage Property LLC and Albers Mill LLC owed $2.7 million. From the Daily Index
The Daily Journal of Commerce in Seattle reported on April 16 that the 36-unit Albers Mill Lofts, located at 1821 Dock Street, was purchased at auction on April 13 at the County-City Building for $1.4 million by an investment group that includes Ron Sher, founder of Third Place Books in Seattle’s Ravenna and Lake Forest Park neighborhoods and managing partner of Crossroads shopping center in Bellevue. The newspaper confirmed the sale with attorney Ted Woodward with Wolfstone, Panchot & Bloch, the trustee that conducted the sale.
Sounds like a deal to us.
Update – According to our sources and the recorded deed of trust, the company that purchased the Albers Mill property at the Trustee’s Sale on April 13th was GMAB, LLC, a mezzanine lender with an outstanding $2.7 million loan to Albers Mill, LLC, the company that owned the Albers Mill property. GMAB’s loan was secured by a deed of trust that was junior to the deed of trust securing a loan of about $5.5 million to Albers Mill Associates, LLC the entity that has a long-term lease of the Albers Mill Lofts from Albers Mill, LLC, and that is operating the Lofts.
GMAB’s purchase was subject to the first deed of trust, and GMAB is cooperating with AMA in the operation of the Lofts and hoping either to secure financing to pay off the $5.5 million loan (and some other fees that are also secured by the first deed of trust) or to sell the property for enough money to pay off that loan and still be able to recover some of the money GMAB has put into the property. Thus, the April 13th purchase by GMAB does not represent the full value of the Albers Mill Lofts, which is something more like $8 million or so.
Link to the Tacoma Daily Index
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