THE COLLECTIONS, Palmdale

In June 2009, Collections Land Partners, LLC, an affiliate of TPMC Realty Corporation, purchased a residential development note secured by The Collections subdivision in West Palmdale, California.  The collateral included 92 residential lots, nine partially completed homes and three models.  Subsequent to the purchase of the note, Collections Land Partners foreclosed on the Borrower and assumed responsibility for completing and selling the homes and lots.  

During the feasibility period for the original note purchase, Collections Land Partners successfully executed sales contracts for the 12 homes and 40 lots.  Two months after closing, a sales contract was executed with a large national homebuilder for the remaining 52 lots.

From purchase of the note to final exit of the remaining 52 lots, the time horizon for this transaction was approximately six months.