February 16, 2010
It was imminent, but Prudential has taken back Torre Plaza from RREEF/Snell in a non-judicial foreclosure action. The building was taken back on a credit bid of about $17.6M or $187 psf, which it is not worth.
We first wrote up a post about the default back in October. This ended up being a raw deal for both Prudential and RREEF, and likely Snell aside from the nice acquisition fee they took
- RREEF and Snell Default on Torre Plaza in Cupertino
- Non-Judicial Foreclosure Not Good Enough For Bank of America
- Snell & Co. and RREEF Purchase Cupertino Office Building From Symantec
- RREEF Portfolio Under Distress
- RREEF Marks Up 2009 Commercial Real Estate Outlook