Friday, February 10, 2017

Ft. Howard VAMC Office Building & Promissory Note Was For Sale - What's it Mean!?!

I'm feakin' flabbergasted! I'm not sure what this means. I just found a listing on a commercial real estate website where a promissory note and office building had been for sale at auction, at 9600 North Point Road - the Ft. Howard Department of Veterans Affairs Medical Center property. It has a satellite photo of the VA property with a red marker pointing to the VA Medical Clinic building. The listing is from October 2014, but the clinic was in use until April 2016. 

At the top of the page it says, "This Office Property is Off-Market." 

The listing says:

"Ft. Howard Promissory Note For Sale
Price N/A Property Use Type Vacant/Owner-User
Building Size 135,000 SF Building Class A
Property Type Office Lot Size 94.60 AC
Property Sub-type Office Building More... 

The asset being sold (at auction) consists of the payee' s interest in a Promissory Note from Ft. Howard Development, LLC, a Maryland limited liability company, to American Life Capital, LLC, a Connecticut limited liability company, in the face amount of $6,250,000, and related collateral (collectively the Note ). The listed price is the minimum bid price for the asset at the auction. 

PLEASE NOTE THAT THE ASSET WILL BE SOLD ON AN AS-IS, WHERE-IS BASIS, WITHOUT RECOURSE, REPRESENTATION OR WARRANTY (WHETHER EXPRESS OR IMPLIED), AND WITHOUT ANY WARRANTY RELATING TO TITLE, POSSESSION, QUIET ENJOYMENT, OR THE LIKE."

I need a real estate professional to explain this. 

Did Ft. Howard Development Tim Munshell receive six million dollars or a portion of from American Life Capital? 

Munshell holds the lease to the Ft. Howard VAMC property, but I do not believe he can sell an onsite building? 

Was the auction just for the payee's interest and the real estate website software added the office building because it can't comprehend promissory note?  

What is it all about?

Here is the listing: http://www.loopnet.com/Listing/18921711/9600-North-Point-Road-Fort-Howard-MD/


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