The Gardner’s Harvest Goes Bad: GardenWalk Goes Into Foreclosure
By Ron Holborn, Commercial & SFR, Anaheim CA, Real Estate & Short
(Short Sales, Foreclosures, Rentals, Income Real Estate)
The GardenWalk (GW), near Disneyland of Anaheim, California, was developed to attract high-end shoppers and diners with fancy restaurants and retail shops, but the GW has failed to attract the attention it needs. The owners have just defaulted on a $210 million loan, still owing $188 million on the loan, with the GW now going into foreclosure. Negotiations are still in process, so no date of foreclosure has been set yet. The timing for opening the GW less then optimal, right at the genesis of the economic crisis of 2008, and is the blame for bad consumer response to the opening of the GW. Many factors played into the default: not enough publicity, inconvenient parking for shoppers and the delay in the construction of two nearby hotels. Projections are being made that in the years to...
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