Wednesday, June 6, 2012

K. Hovnanian Homes Purchases Stratland Shadows Lots from Wells Fargo

 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.

Hadden Schifman
Managing Director

Paul Dionne
Research Analyst
(202) 258-9508

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