The Tenaya TIC investors are a group of 34 mom-and-pop investors from across the country. We filed suit in the Eighth Judicial District Court of Nevada against several financial institutions including Wells Fargo Bank and LNR Partners for fraud, conspiracy to secure an inflated appraisal and unlawful foreclosure. We are seeking a judgment of more than $30 million dollars for the recovery of the investment, plus attorneys’ fees and lost profits.
In 2006, we came together to purchase the $74,250,000 office building. Unfortunately, key information about the deal was not disclosed to us. Now we are facing foreclosure by LNR Partners, the special servicer who acquired our loan through a series of Wall Street transactions.
Watch this short video to hear the personal stories of a few of the Tenaya TIC investors.
In 2012, we retained Breakwater Equity Partners, a San Diego company that specializes in distressed commercial real estate workouts. Breakwater is guiding us through the legal process as we battle the Wall Street giants who are trying to take our life-savings. Breakwater’s experts say the lenders and financial institutions appear to have inflated the value of the appraisal when we purchased the building, and are now trying to foreclose so the property could be purchased at a discount. We also discovered the special servicer, LNR Partners, allegedly interfered with our lease negotiations with our sole tenant, United Healthcare Services.
We filed suit against these institutions because we feel we deserve an opportunity to hold on to our investment. Our litigation is handled by a Las Vegas law firm, Kolesar & Leatham.
This blog was designed to provide information and updates regarding the case and resources for reporters who are covering tenant-in-common disputes. We have also provided contact information and welcome hearing from other TIC investors who would like to connect with us, learn more about workout options and support our efforts in battling these big lenders.