BANKING / FINANCE
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Disposing of Properties: The sale of the former Pacific Savings Bank headquarters in Costa Mesa is giving the RTC a chance to use a new tool in its effort to dispose of properties.
The agency has agreed to finance the sale of the building itself. Such seller financing is a concept the RTC had long rejected, because it leaves the government on the hook for possible future defaults. The agency does not want to foreclose on property it sells.
Now, said J. Michael Berry, director of the RTC’s West Coast office in Costa Mesa, the agency will offer seller financing to potential buyers, but only when financing elsewhere is not available.
His office has offered just once to finance a sale of property, and that deal is pending. Though he would not identify the property, other sources said that it is the Pacific Savings building.
The stylish Spanish-colonial, three-story structure is home to the burgeoning RTC West Coast staff, but the agency is moving by year’s end to a high-rise near John Wayne Airport.
Sources said that the Pacific Savings building is in escrow for more than $10 million and that the RTC is financing 75% of the amount.
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