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Belmont at Cowan Place apartment complex goes into foreclosure Date published: 12/5/2009
BY BILL FREEHLING The Belmont at Cowan Place apartment complex on Fredericksburg's Cowan Boulevard officially entered foreclosure yesterday. A public auction for the 300-unit, 21.7-acre property was held yesterday in front of Executive Plaza on Caroline Street. About 35 people turned out for the auction, but nobody made a bid. The opening bid on the property, $24.5 million, came from the lender--though it's far from clear who that actually is. Auctioneer Jonathan Melnick announced that there were also three mezzanine loans totaling about $7.5 million attached to the property. "It's just a beautifully kept piece of property," Melnick told the crowd yesterday. "It looked great to me." The property, which Stellar Belmont LLC purchased for $35 million in August 2004, now reverts to the lender, and at some point will likely be put back on the market. The assessed value is $30.9 million. The property is managed by Stellar Realty Management, a division of Rockville, Md.-based Stellar Advisors. Phillip Pitney, chief operating officer at Stellar Realty, said his company will continue to manage the property, and residents there won't be affected. The financing for the 2004 Belmont purchase was done through a real estate mortgage investment conduit (REMIC) loan originated The lenders for the Belmont loan, therefore, likely comprise thousands of investors. CW Capital has been hired as the special servicer to handle the sale. Bill Freehling: 540/374-5405
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