Thursday, March 11, 2010

Real estate ramblings

Is the Livingston Township development in trouble? Benchmark Design filed a construction lien against Livingston Township, LLC and Chestnut Developers, LLC for $14,683 and another one for $109,148 on January 19, 2010 in Madison County Chancery Court. Both LLC's are owned by former Republican Congressional candidate David Landrum.

Gus Primos conveyed a deed of trust for $400,000 on January 8, 2010 that is due in full at the end of the year as well as a deed. Trustmark issued an amendment to several deeds of trust for $3,888,998 on October 21, 2009 stating that they were due in full on March 22, 2010. Bankplus issued one in 2008 for $1,255,000 that is due on June 13, 2010. Metropolitan Bank also issued a deed of trust in 2008 for $3,077,675 that is due in full on May 12, 2010. What is disturbing is the registered agent and incorporator for Livingston Township, LLC is Patrick McCraney, one of the main cogs in the Steadivest wheel and a defendant in the investors' fraud lawsuit (see Steadivest posts collection on lower right side of the page.).

Its not hard to see how such a project could have some problems. Jumbo financing froze eighteen months ago and homes in that price range have sold more slowly since October 2008 as the recession and much tighter underwriting guidelines have made it tougher for homebuyers to obtain mortgages for such homes. It is hoped this project succeeds as there has been too much cookie-cutter development in the last twenty years and this area could use some architectural diversity.

On another note, rumors have circulated for months about the Lost Rabbit development having financial problems. Community Bank did file a Substitute of Trustee notice in September against the LLC. However, the bank recently filed a release stating the loans were paid in full, thus canceling the notice.


Note: Releases, modifications, and partial releases are often not filed at the courthouse in a timely manner. Thus any or all of these deeds of trust could have been satisfied or extended without public notice.

20 comments:

Burke said...

Careful, your Excellency. Acting as an incorporator or even a registered agent is routine legal work. But you know that. A lot of folks, including yours truly, have been vouching for Mr. McRaney since the Steadivest scandal came public. I see nothing here to change my view, or to cause me to be "disturbed."

Kingfish said...

I know that. However, look through all of that Steadivest stuff. Wolfe didn't do everything by himself. I'm not accusing Mr. McCraney of anything, others are doing that in lawsuits and it wouldn't surprise me if the feds are investigating that whole deal.

Anonymous said...

People are filing construction liens much more quickly than they did in the past. Everybody is antsy because of the economy. What was worked out with a handshake and a cup of coffee five years ago is now being handled with construction liens.

And for good reason - suppliers were burned, and they are not making the same mistakes twice.

This doesn't tell me they are about to fold, but it does tell me that cash flow isn't what they projected. I'm pulling for the development. Nobody needs or wants more half developed properties with heavy liens on them. There are enough of those out there already.

Anonymous said...

There are a lot of filings under the MTW Investment Financing, LLC

Most Recent

Agent Resignation
https://business.sos.state.ms.us/imaging/32903471.pdf

Anonymous said...

Lawsuits are being filed against Lost Rabbit now; it's just a matter of time.

Anonymous said...

Here's a link of a lot of builders over there, lots of research, so I will toss it to the gallery...

http://www.lostrabbit.com/builders-guild/

Kingfish said...

MTW is dissolved and has been since October of 2008.

Kingfish said...

At least Chad Knight is not on that list.

Anonymous said...

In the interest of equal time, or whatever, it appears that the once vaunted "Flowood Town Center" project is in foreclosure by Community Bank: http://media.iadsnetwork.com/contentitempdf/pdfs/120000/120884.pdf#Search="flowood%20town%20center"

Anonymous said...

Perhaps you should look into another Landrum development that is heavily mortgaged, Longleaf...
Word is that officials of the City of Madison met with an associate of Mr. Landrum this past Monday eventing and refused to allow changes to the Longleaf plat that could have significantly reduced the size of the lots, etc.

Kingfish said...

Interesting. The minimum sq. footage is 3500.

Anonymous said...

Where there is smoke there is fire...the minimums and quality would be significantly reduced...hear their debt load is forcing them to fire sale and shaft the bordering neighbors. Plus, ones behavior is generally consistent...lie about voting...lie about other things...

Kingfish said...

Apparently Cherry Deddens is not too happy right now and I can't say I blame her. Cherry Deddens bought a lot under the current guidelines. Landrum applied to the County to let him replat as you said, she found out and fired off a letter to the Board opposing because apparently they subdivided her lot without her knowledge.

Anonymous said...

Which is a freakin' shame to start with. That land is some of the prettiest in the metro area, why did it need to be developed? And how is sub dividing and building yet more french acadian cookie cutters going to help the market? I heard they were going to have an old-time n'hood market, with some kind of cafe or deli included so that it's a semi self contained commuinity. Good luck with that. What should've happened is sell the land to one buyer and build one house, if the Primos family really had to sell and if the land really had to be developed to begin with. Freakin' shame.

Anonymous said...

The subdivision was NOT denied by the City of Madison. The representative for Landrum asked that it be tabled. No vote or discussion ever took place. Saying otherwise is misinformation.

Deddens lot was not subdivided by Landrum or anyone else. You can't do that when you don't own the property. However, there is an issue with Deddens (and she is in the right on this deal) that will have to be worked out to her satisfaction before everything can proceed.

As for the financials, I have no knowledge of that.

Kingfish said...

Deddens' letter is accusing them of subdividing her property without her consent.

As far as I know, City of Madison was not involved in this issue, it was the County.

Kingfish said...

Apparently the project also got some TIF's, TIF's

The vote was 3-2 to permit the issuance of TIF's. You can guess how the vote went.

Anonymous said...

To use a term for an earlier post, what is a “freakin’ shame” is that the people of Madison County are not going to see the Livingston development finished because it would have been a great asset to the county and the area in which it is located. Chestnut Hill could be one of the most beautiful subdivisions in the state and I hope someone with the money to finish it and Livingston steps in to complete both. From what I’ve seen of Chestnut Hill, it would not be just another “cookie cutter” development. I has large wooded estate lots and the houses would be upper end and help keep the property values of that area up. What Landrum is trying to do in Longleaf is “cookie cutter” and will decrease the surrounding property values, and if I lived in that area, I would be raising hell at every City or County meeting I could to stop it.

Anonymous said...

Any Lost Rabbit updates? They owe us $50,000+ indirectly from Sept 2009, and are not paying their suppliers/vendors...

Kingfish said...

Lawsuit recently filed against them in Madison Circuit for half a mill by landscapers.

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