BREA, Calif. — Evangelical Christian Credit Union has foreclosed upon the Ambassador Family Church campus in Oceanside, Calif., taking back the 15-acre property at a trustee's sale, said Jac La Tour, communications and public relations manager for the $1 billion institution.
Constructed in 2000, the $5.5 million property consists of a 25,000 square foot church building, a large parking lot, and plenty of room for future development.
Though La Tour elected not to comment on why the loan failed, a release from Ambassador Family Church blames a budget that spiraled out of control, as well as the public divorce and rumored infidelity of the church's senior pastor, Barry Cook, which drove away church members and junior leaders.
The credit union is making its final choice among commercial real estate agents hoping to represent the property, and hopes to have it on the market sometime this week, La Tour said.
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