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The Veteran’s Wall lot: Real Estate sale questions

Veteran's Wall

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.)

Veterans Wall 11Veterans Wall 10

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

Veterans Wall Deed 3

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.)

Veterans Wall Deed 5

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.)

Veterans Wall Deed 8

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

Mary Van Diest opinion

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