The Veteran’s Wall lot: Real Estate sale questions

Photo: Old Veteran’s Wall of Honor located near the hospital.

This was posted on “Borough Budget Watch” on August 20, 2018:

So, I was researching the various sales of the Veteran’s Wall LOT and noticed this:

In Jan, 2016, the MSB sold the lot for $1.215 million to Spring Creek Enterprise LLC.  Spring Creek immediately took out a mortgage for $2.1 million, secured by the very same lot – Tract B, Plat 88-24.

Now, I thought the MSB had this lot appraised and sold it for Fair Market Value (the $1.215 million)…So, why would a mortgage company allow the buyer to mortgage it for $2.1 million??? ($885K MORE than the purchase price.)

The $2.1 million mortgage/Deed of Trust – February 8, 2016:

Then – in July, 2017, Spring Creek Enterprise LLC sold the lot to Maple Springs. (We won’t know the sale price because real estate sale prices are not required to be disclosed in Alaska.)

Just a few months later, Maple Springs sold it to the Mat-Su Health Foundation.  (Again, we won’t know the price unless Maple Springs or the MSHF decide to share this info.)

I asked longtime local Real Estate broker Marty Van Diest for his opinion on these various sales.