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Westwood Forecloses on Loan for Center

ROSEVILLE, CA-The defaulted loan relates to Woodcreek Plaza, a 23,112-square-foot retail center here that had been marketed by Auction.com.

By Carrie Rossenfeld | Updated on January 25, 2013

ROSEVILLE, CA-Westwood Financial Corp. has just foreclosed on a defaulted loan the firm purchased that had been in receivership on Woodcreek Plaza, a 23,112-square-foot retail center here. The center had been on the market for 39 days, marketed by Auction.com.

According to Taylor Grant, a judicial receiver with Newport Beach, CA-based Real Estate Receiverships, the court-appointed receiver for the property prior to Westwood’s purchase of the loan, the success of the note sale was in part due to the receiver sustaining the property’s value by maintaining occupancy levels, accommodating needed repairs and providing all the property-level information regarding rents and operating costs to inform potential buyers. Grant also credits the success to Auction.com’s innovative platform and comprehensive marketing reach that resulted in 873 hits on its website and 29 offers for the note, with escrow taking only 20 days to close.

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