California firm bought Central Pacific Bank properties
Updated on August 10, 2008 Hawaii Standard Time.
The $44.2 million bulk sale announced by Central Pacific Bank in its second-quarter earnings on July 31 was made to a California real estate investment firm that bought distressed properties at bargain prices on the Mainland in the early 1990s.
Publication: bizjournals.com
Date of Publication: August 8, 2008
Article URL: http:/ / www.bizjournals.com/ pacific/ stories/ 2008/ 08/ 04/ daily46.html?jst=b_ln_hl
Comments by Sachiko
The sale comprised one foreclosed property and 16 loans. According the article, thirteen were delinquent. The portfolio also included 14 acres of residential and commercial land in Palm Springs, 105 homes and 64 condominiums partially built in California and additional homes in Seattle, according to the article.
