Metropolitan Mortgage sells 77 acres for $12.8 million

By Jeff Pines

Washington, Nov. 29 - Metropolitan Mortgage & Securities Co. Inc. and Summit Securities sold 77 acres for $12.8 million to Northwest Properties LLC, according to a Friday filing with the U.S. Bankruptcy Court for the Eastern District of Washington.

The unimproved 77 acres is in Spokane, Wash. and is known as the Summit Development Property.

Western United Life Assurance Co. has a $12 million promissory note on the property from Metropolitan and Summit. As of Oct. 1, Metropolitan and Summit owed $11.16 million on the note. Western United, a Metropolitan subsidiary, was placed in receivership by the Washington state insurance commissioner in March after its parent filed for Chapter 11.

Seawest Investment Associates LLC was the stalking horse bidder with a $12 million offer. If the Northwest deal fails to close, Seawest will be able to buy the acreage for $12.55 million.

Spokane-based Metropolitan and Summit filed for bankruptcy on Feb. 4, 2004. Their Chapter 11 case number is 04-00757.

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