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| FLINT MORTGAGE GROUP, LP |
HOME |
| SAVANNAH PLANTATION - (updated 8/21/08) |
UPDATE |
| Partnership Formed: |
9/11/2000 Flint Mortgage Group, LP (3506115) EIN 68-0505924 |
| Loan Status: |
Foreclosed in August 2001. Settlement Agreement with Sun-Tex Fuller and Jim Fuller, Sr. including Release of Personal Liability, Release of Austin and Walker County collateral, continued liability for Sun-Tex Fuller and Jim Fuller to complete construction of the south reservoir/lake system; payment of liens, if any, that prime the Flint Mortgage loan; resolution of ownership of the large sales office home was reserved by all parties.
Property sold to Madison Land Group, LP on terms. See below.
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| Borrower / Developer: |
Suntex Fuller Corporation (former) |
| Develop / Project Stage: |
Sections 1, 2 and portions of 3 are complete; the north reservoir or lake system is complete; the southern reservoir lake system has not been built; Sections 4, 5 and above have not been built. |
| Project Name: |
Savannah Plantation |
| Property Address: |
Alvin, TX |
| Guarantor: |
None |
| Loan Funding Term: |
24 months |
| Original Loan Amount: |
$8,300,000 15% 9/14/2000 |
| Principal Balance: |
$6,660,881 |
| Stage Funding Due: |
None |
| Title of Property: |
Big State Properties, L.L.C. formerly held by Sun-Tex Fuller |
| Lien: |
First |
| Advances by Premiere: |
$340,607.79 |
| Exit Strategy: |
Unknown |
| General Partner: |
Jefferson Advisors GP, LLC |
| Loan Maintenance by: |
Flint GP, LLC - Ray Brennan, Manager; eMail |
| Opinion: |
Darrell Gest |
| Description of Prop: |
Residential lot development; 1413.17 acres, recreation center and pool. There are approximately 10 lots in Section Three for sale, and 53 lots in Section Four available once the street and utilities are finished (by a new developer). There were 163 lots sold by the former developer before the foreclosure. All perimeter lots have been sold. Approximately 35 homes built in the subdivision. The project is currently stopped, and the new GP is actively looking for a new developer to finish the project. Tax liens are approx. $185K.
Homeowners' Association Website: http://www.houstonpocketguide.com/spoa/
3/10/03 A meeting of the investors was held on 3/10/03 where Edward Neil Development Company and Mr. Greg Blume made a presentation on their offer to do a joint venture. The investors present unanimously endorsed the proposal.
A copy of the Flint memorandum can be obtained here:
http://getmoneyback.org/flint-jv-proposal.pdf .
4/21/03 The investors have voted in favor of entering into a joint venture with Edward Neil Development. The vote was 73.17% affirmative.
5/15/03 The partnership is preparing to execute the joint venture agreement and sale of the property to Madison Land Group, LP.
3/18/04 The development is finally under way. The waste water treatment plant is under construction and is expected to be completed in 60 days. The remaining construction in Sec 4, which will make available access to approximately 20 lots should be completed within 120 days. Most of the litigation has been settled.
6/30/04 The development of Sec 4 is now complete with utilities and its street. The waste water treatment plant continues in construction. Five lots have been sold in Sec 4 to Peltier Homes, and three home starts (specs) are to be underway as soon as the rain lets up.
5/1/05 Peltier has built two spec homes in Sec 4.
4/30/06 Madison Land Group, LP has sold the unimproved land to McAllister. Proceeds of first payment of loan to go to pay off bank loan. McAllister has $2.3MM in debt owing on note, due Feb 2007. There are approximately 37 estate lots in inventory.
3/21/07 The partnership has received its distribution of the sale to McAllister.
8/7/08 The partnership now has the remaining lots for sale. The county's moratorium on building has been lifted due to McAllister's drainage work being performed.
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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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