VIZZDA--June 6th, 2012 -- Following the announcement of its first quarterly profit in two years, K. Hovnanian Homes has acquired 57 custom lots in Stratland Shadows for $8m or $1,317 per front foot.
The portion transacting today was previously obtained as a 65 lot parcel by Cachet Homes July 16th, 2006 for $11,405,569. Cachet encumbered the property with $13.2m in A & D debt and a $24m revolving line of credit, both with Wells Fargo Bank. Wells Fargo acquired that portion through foreclosure proceedings commencing January 1st, 2010 and concluding with a reversion to beneficiary April 21st, 2010 with a $4.5m credit bid on $37.2m outstanding debt. James Greathouse was signatory for Wells Fargo Bank.
Lot dimensions are as follows: 30 lots – 90’ x 150’; 27 lots – 125’ x 160’. In total, Stratland Shadows is comprised of 142 lots on 81.92 gross acres; the lots are zoned SF-10. The signatory for K. Hovnanian Homes—Chad Fuller—indicated that the transaction was all cash and that no new debt was recorded with sale.