Town Square Way Properties

Somersett Town Center
Somersett Town Center

The commercial building located at 7655 Town Square Way (i.e., the one adjacent to the 7665 Town Square Way building, which houses the Grape & Grain) has been sold.  Per the Washoe County Assessor website, purchase price was $820,000 (latest listed price was $875,000).  Buyer was Saemaul Investment, LLC, whose managing members are Tae S. Lee, Clay H. Lee and William Lee of the Reno area.  It is not known what the Lee’s intentions are for the property.  However, perhaps now steps will be taken to complete development of the property to the benefit of Somersett residents.

For those interested in a brief history of the 7655 and 7665 Town Square Way properties, the following summary is provided:

  1.  December 2006, Somersett Development Company (SDC) enters into a Deed of Trust and Security Agreement (Promissory Note) with Colonial Bank wherein the Town Square Way properties become security for an $8,775,000 loan. TRICOR TITLE becomes trustee for the Agreement.
  2. August 2009, Colonial Bank fails, under FDIC disbursement proceedings, BB&T Corporation acquires Colonial Bank deposit assets including the Security Agreement.  SDC stops making payments on the Promissory Note.
  3. January 2010, BB&T substitutes Allied 1031 Exchange, Inc as trustee for the Deed of Trust and Security Agreement in lieu of TRICOR.
  4. March 2010, Notice of Default and Election to Sell is issued to SDC by BB&T.  Unpaid principal balance is listed as $8,670,428.
  5. June 2010, Allied 1031 Exchange issues notice of sale by auction to satisfy indebtedness. Action is postponed.
  6. July 2010, BB&T transfers to EAGLE SPE NV 1, LLC (a BB&T Subsidiary) all interests in Deed of Trust and Security Agreement.
  7. November 2010, EAGLE SPE NV 1 acquires all rights to the Town Square Way properties  for the sum of $3,322,000.
  8. May 2012, EAGLE SPE NV 1 sells the 7665 Town Square Way property to CAV Somersett, LLC (Managing Members Carlos and Terri Vasquez) for $1,062,680. CAV Somersett subsequently opens Babe Matteri’s and acquires the Grape & Grain business.
  9. March 2013, EAGLE SPE NV 1 sells the 7655 Town Square way property to Saemaul Investment, LLC for $820,000.

4 thoughts on “Town Square Way Properties

  1. Thank you for the information and update, much appreciated. Will be interesting to see what happens next with the property.

  2. And all the time we homeowners were lead to believe that everything was hunky-dory with the commercial buildings at Town Center. Hope the Lee’s are not related to board member Ray Lee. Conflict of interest???

    1. SU has no indication of buyer relationship with Board member Lee and/or any conflict of interest.

    2. Did you ask him? I’ve seen you speaking with him in the past Or are you just trying to be dramatic?

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