According to the Tacoma News Tribune, an ownership group has purchased the “200,000-square-foot brick (Tumwater) brewhouse, 32 acres of property that surrounds the building and two parking lots”. George Heidgerken and Patrick Rhodes spent $1.4 million in cash on the purchase. It’s important to note that we believe this isn’t the entire Tumwater property. We think there’s more to sell. Mackinac Partners’ promise to maximize the value of this asset can’t be fully blamed on them given the fact that the water rights were sold out from under the property by Barney. Gut wrenching as it might be, if you check your loan summary list on the Bar-K website, you’ll be troubled to find that the original appraisal for the property was $57 million and the loan amount was $26 million.
As for the $1.4 million, we presume this will be deposited into REL’s interest reserve account and that our good friends from Wells Fargo will enjoy the fruits of this “windfall” while the rest of us pine for the return of our principal and the dream of enjoying our interest payments again.