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Railyards developer Thomas Enterprises moved closer to surrendering the downtown Sacramento property in a foreclosure auction after a notice of the sale was filed Tuesday.
Infrastructure work continued Thursday, after a public sale to the highest bidder was set for 1:30 p.m. Oct. 22 on the steps of the Sacramento County courthouse, 720 Ninth St., according to a notice of trustee's sale. A copy of the notice filed by Stewart Default Services on behalf of Thomas' primary lender, Chicago-area Inland American Real Estate Trust, was posted at the property’s front gate.
The two sides have been trying to negotiate an agreement to avoid a foreclosure even before Inland filed a notice of default June 15. An agreement may still be reached, avoiding a foreclosure sale.
The sale appears to be listed at slightly more than 203 acres, after Thomas Enterprises sold nearly 33 acres out of its 238-acre Railyards property to the city. The company previously reported the property’s size at 244 acres, but that represents the size of the planning district.
Thomas Enterprises now appears to owe nearly $194 million, after interest, fees and other costs have added up on what was $187 million in loans, according to the document.
Officials from Thomas Enterprises and Inland did not return phone calls seeking comment.