Kmart Mission Viejo
Mission Viejo, California (Orange County)
Geoffrey Curme led the asset recovery team in the foreclosure of 24 mortgages within a publicly traded debt securitization secured by stand-alone Kmart stores whose leases were rejected in bankruptcy. The recovery team obtained title to the properties, assessed highest and best uses, and sold the properties for redevelopment appropriate to each site. The Mission Viejo site, including 10 acres of excess land, sold for four times its “as-is” appraised value and was redeveloped as the pictured apartment complex.
