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6/15/17
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Trumark Communities has acquired Rancho Miramonte, an 823-lot master-planned community in Chino, through a public foreclosure auction. Featuring eleven different neighborhoods, Rancho Miramonte is a master-planned community that will eventually contain a clubhouse, pool, neighborhood parks, trails and significant open space along its perimeter.
Trumark Communities’ opening credit bid of $2.1 mil was unchallenged by any qualified bidders at the auction and represented only a portion of the $10.4 mil in defaulted notes owned by the company on the property. Concurrent with the acquisition of this 270-acre property, Trumark negotiated a two-year extension on an additional $19 mil loan that was also in default on the property.
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