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| DANBURY LENDERS, LP |
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| RIDGEMONT SUBDIVISION - (updated 8/3/04) |
UPDATE |
| Partnership Formed: |
Danbury Lenders, LP 9/11/2000 (3506117) |
| Loan Status: |
Performing |
| Borrower / Developer: |
Millennium Development II, Inc. |
| Develop / Project Stage: |
104 developed lots are completed and 17 were sold and released and some are under construction by the purchasers; balance of the lots is inventory ready to be sold as a lot sale program to starter home builders. $13,000 lot release price; at this release price the net proceeds to the lender will be $1,131,000.00; assuming no other proceeds, the loan will be short by about $479,493.04 which is the payoff as of 1/8/02 plus the exit fee. |
| Project Name: |
The Ridgemont |
| Property Address: |
Houston, TX |
| Guarantor: |
Raymond G. Tiedje |
| Loan Funding Term: |
24 month due 10/1/2002 |
| Original Loan Amount: |
$1,575,000 15% 9/29/00 |
| Principal Balance: |
$1,276,000.00 |
| Stage Funding Due: |
None |
| Title of Property: |
Millennium Development II, Inc. |
| Lien: |
First |
| Advances by Premiere: |
None |
| Exit Strategy: |
Sell / refinance and build-out |
| General Partner: |
Washington Advisors GP, LLC |
| Loan Maintenance by: |
Washington Advisors GP, LLC |
| Description of Prop: |
104 developed lots reduced by 17 sold previously; located on the border of Harris and Fort Bend County on Beltway 8 and South Post Oak Road and Hyram Clark Road; west of FM 521
2/9 The borrower has new financing and is expected to payoff the principal balance in the next few days.
8/3/04 We are on target to have Danbury paid off by the first of next month. After almost 3 years of work and negotiations, Danbury will return 100% of principal plus they paid interest through February of this year. We made a distribution last month. We should be making the final distribution early in September.
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Photo of Property, if available:
Notice: The information contained in this summary has been acquired by several sources; there are no warranties expressed or implied as to its accuracy and completeness. All information should be independently verified. Nothing contained on this site should be construed as legal advice. If you have legal issues, you should consult an attorney.
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