Business Feed

HARMONY @ 1 HOUSING PROJECT DEFAULTS

DEFAULT DOCUMENT

NOTICE OF SALE

Big Banker reported March 17, 2018: "The Notice Of Trustee Sale on Sonora Shores was posted for foreclosure sale on April 3. The amount due is $14,386,901.90, cash or cashier's check. The Notice Of Trustee Sale was published in the Pacifica Tribune March 14, March 21, and March 28."

Big Banker reported March 5, 2018: "Sonora Shores luxury housing project on Fassler and Roberts Road has a 04-03-2018 foreclosure date. A Notice Of Sale has been recorded on the property."

Big Banker reported February 4, 2018: "On November 30, 2017, a Notice of Default was filed on Sonora Shores Harmony @ 1 project. This is the existing loan recorded April 30, 2014. The Trust Deed in the amount of $9,600,000 has swelled to $13,572,548.99. The loan was due to be paid in full by April 25, 2016." 

Big Banker reported August 8, 2015: "As of the close of business Friday, August 28, there were no recorded liens or notice of default. First loan, $5 million. Second loan, $5.6 million. On February 17, 2015, a strange deed of trust was recorded by Sonora Shores in favor of Urban Land, a performance deed of trust, which normally means there is some kind of equity share agreement between Sonora Shores and Urban Land, a specific performance action that takes place when lots sell. The only items filed and recorded were the Declaration of Convents, Conditions, and Restrictions (CCR); and a subordination agreement on July 29, 2015 regarding the CCRs."

Click the Comments link below this post for the conversation thread on this controversial project that died on the hillside.


EL STINKO: PACIFICA WWTP HOTEL PLAN

SURVEY

Better Business Burro says that talks have broken down between Friend Hotel Developers and the City of Pacifica regarding development of a hotel at the city’s old Waste Water Treatment Plant (WWTP) site in Sharp Park. The city survey (click link above) shows about 2-1 support for building a hotel at the site, but that is based on a mere 80 survey respondents. Out of a city of 40,000, that's about one-tenth of 1 percent.


CANNABIS CASH: BANKS WON'T TOUCH IT, BUT MARIJUANA MERCHANTS ITCHING TO ROLL

NEWS STORY

California's legal marijuana dispensaries have to pay their 15 percent state taxes in cash because banks are afraid of Attorney General Jeff "Keebler Elf" Sessions and the DEA coming down on them for money laundering under ridiculously outdated federal laws. Now legislators are trying to help the cannabis cause, proposing safeguards for banks and armored cars to handle the flood of cash flowing in from eager customers. Meanwhile, Pacifica leads San Mateo County in authorizing six recreational-cannabis dispensaries, locations to be determined soon (see video below):