The Simms building in Albuquerque is to be offered for sale in a foreclosure auction sometime within the next three months.

Silar Special Opportunities Fund, a New York City hedge firm that loaned ex-owner Troy Baillio the funds to buy the historic building, is moving forward with its foreclosure of the Simms

A receiver who will manage the 13-story Simms office structure and “preserve its value” soon should be appointed, says Charles Seibert of the Rodey, Dickason, Sloan, Akin & Robb law firm.

“Silar also is commencing the legal steps required to foreclose its mortgage,” says Seibert, “which is expected to result in a foreclosure auction sale sometime in the second quarter of ‘08.”

Posted: 03|25|08 at 9:48 am. Filed under: Auction News.