STEAMBOAT SPRINGS, CO-Salt Lake City-based SilverLeaf Financial recently acquired a $57-million non-performing loan secured by 58 unsold luxury condominium units within the 86-unit Trailhead Lodge Development here. The loan originated in 2007 for the amount of $57.4 million and was later extended in 2009. Currently the loan is in maturity default with an unpaid principal balance of approximately $48 Million.
Trailhead Lodge is a hotel/condominium project built in 2009 on a 2.73 acre site. The property is the focal point of a 47-acre development known as the Wildhorse Meadows. The property is located minutes from the base of Steamboat Ski Resort, which can easily be reached via the Trailhead gondola that conveniently transports condo owners and guests to the base of the resort.
The lodge is managed by Wyndham Vacation Rentals. The lodge consists of one five-story building over a two-story underground garage, and features a total of 86 residential units. The units total 93,933 net square feet. The 58 available units are offered in 14 floor plans ranging in size from 461 square feet to 2,197 square feet.
SilverLeaf Financial intends to aggressively market the Trailhead units based on their new cost basis, according to a prepared release. Shane Baldwin, principal of SilverLeaf Financial, said his goal is to sell the remaining units, “which will pave the way for the completion of the Wildhorse Meadows master plan.” SilverLeaf Financial will continue to pursue the acquisition of distressed debt secured by commercial real estate nationwide, says a release.
SilverLeaf has been busy lately grabbing non-performing loans. As GlobeSt.com recently reported, the company snagged six non-performing notes secured by multifamily complexes in the metro Atlanta area for $16 million. Campbell Dosch, a spokesperson for SilverLeaf, previously told GlobeSt.com that the company is targeting all regions in the US with the exception of Alaska and Hawaii. The majority of the company’s notes have had their collateral located in the West and Midwest, Dosch said.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
