The borrower was still in title when the hotel sold, the Midland exec explains. According to Dallas County records, the property was owned for the last six years by Woodrow Corp. of Houston. Under the receiver court order, the sale had to corner OK's from the receiver, Prism Hotels in Dallas, and special servicer, Midland Loan, not bankruptcy court as previously reported by GlobeSt.com.
"But by not going to title, we were able to modify the existing note and offer assumable financing to buyers, which expanded the number of potential players considerably," the Midland exec says of the 701 E. Campbell Road sale brokered by the Houston office of Tampa, FL-based Plasencia Group
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