Monday, January 25, 2010

The Smallest Big-Money Pamiko Foreclosure Yet!

Guest post by the Hawthorne Hawkman. Image from a profile of Pamiko Properties.

I was back at the Hennepin County Government Center last week, looking at more Pamiko foreclosure records, when something very unusual caught my eye. A loan number didn't match up with what I'd seen before. So why did something seemingly as obscure as that matter? Well, on Pamiko's three multimillion-dollar foreclosures, there were several loan modifications. Each of them had loan numbers that matched with the previous lines of credit granted for that property. Each of them, except this one.

So with a closer look, I found a new address in...

downtown St. Paul. 24 4th St E, to be exact. This foreclosure notice was probably delivered in record time, since the Ramsey County Sheriff's office that processes such matters is a mere 470 feet away, at 25 W 4th St. I've been trying to find the actual direct link confirming the foreclosure, but haven't yet. Ramsey's and St. Paul's websites aren't as searchable and user-friendly as Minneapolis and Hennepin. But a reliable source has confirmed that this property has had a sheriff sale with a bid amount at just over $1,000,000.

If you want to see what specifically caught my eye, click here. Then go to the top of page 4, where I circled and marked with an asterisk the loan number 501281. This was different than loan number 501388, the $2.5 million-dollar line of credit tied to 2420 Bryant Ave N, or 4652 Aldrich Ave N, which had loan number 501339 as a $149,850 loan that was later modified to a $1,259,060 line of credit, or Minnwest's two loans on 1417 Logan - 501394 for $135,450 and later #501423 for $2,045,000.

Yes, this is confusing. It helps if you're already obsessed with the hidden meaning behind obscure number sequences.

Anyway, the point being, there is another million-dollar Pamiko foreclosure out there. What properties are attached to this foreclosure? Are there others that we don't yet know about? The rabbit hole gets deeper and deeper.

1 comment:

MeganG. said...

I had noticed this address come up at times when I have googled extensively about these jerks - but I just figured it was a downtown office space that they used/rented for their 'property management' headquarters. I had no idea that they OWNED the address and then foreclosed on it also!

Good Job Hawkman. Watching like a hawk.