Snowdon Partners Buys First Mortgage on Calendar Stick Park Office Building

Jan 06, 2010 (EWORLDWIRE via Comtex) -- Snowdon Partners, a private equity real estate investor, and its joint venture partner today announced the acquisition of a $9 million non-performing first mortgage loan secured by the property at Calendar Stick Park, building D in Scottsdale, Ariz., from Bankers Life and Casualty Company and Conseco Life Insurance Company.

Situated at the southwest corner of the Loop 101 Freeway and Via De Ventura, Calendar Stick Park is a Class A, state-of-the art building located in the prestigious Scottsdale area. The property was built in 2006 and is part of a four-building complex comprising Calendar Stick Park. When construction first began at the site in June 2004, it was the first privately developed commercial project to be built on Salt River Pima-Maricopa Indian Community land in a decade. The property offers impressive space and top of the line amenities with views of the soon to be constructed $100 million spring training complex for the Arizona Diamondbacks and Colorado Rockies.

Scott Curtis, Snowdon director, stated, "While the commercial office market in the U.S. has been hit extremely hard during the credit crisis, we have been actively exploring opportunities to acquire attractive properties through the acquisition of the underlying debt. The acquisition of this loan is an unparalleled and unique opportunity for Snowdon to invest in what is sure to be one of Scottsdale's most desirable addresses."

The two-story office building contains 74,000 square feet of leasable area and is currently 68 percent occupied with the largest tenant being a major telecommunications company.

"This was a perfect opportunity for Snowdon to expand its growing portfolio," said Michael Vucekovich, director of Snowdon Partners. "This transaction is consistent with our strategy of acquiring assets trading at less than replacement cost and bringing the necessary resources to unlock long-term value."

About Snowdon Partners

Snowdon Partners is a private equity real estate firm with multi-disciplinary capabilities. The company targets a diverse range of opportunities including direct property investments, debt and redevelopment projects with aligned, high-quality partners. Snowdon Partners operates offices in Phoenix, London and the Channel Islands. For more information, visit SnowdonPartners.com ('http://www.snowdonpartners.com').

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Source: Snowdon Partners

Scott Curtis Snowdon Partners 5729 E. Cactus Wren Road Paradise Valley, AZ 85253 PHONE. +1 602 999 2189 EMAIL: [email protected] http://www.snowdonpartners.com