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.
By:
Hadden Schifman
Managing Director
Paul Dionne
Research Analyst
(202) 258-9508
pdionne@vizzda.com
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