Case Study #1 – Transit Village Mixed Use Project
A developer obtained an interest in several adjoining properties in the hip town of Red Bank in Monmouth County, New Jersey. While the location is not the high-end of town, it is located one-half block to the train station, 2 blocks to the Count Basie Theater and within walking distance of most bars, clubs and restaurants. A plan for a mixed use project was developed and approvals were secured for 18 condominiums (the maximum allowed by zoning) over ground floor retail with structured parking. The project was never built the land was taken back by the bank that provided the financing.
Case Study #2 – Shore Town Residential Project
A developer purchased one the largest parcel in Seaside Heights, Ocean County, New Jersey which was previously used as a miniature golf course and obtained approval for 34 condominiums in Seaside Heights. The land was cleared and foundations were started when the lender took back the project through foreclosure.
Case Study #3 – Montebello, Berlin Township, Camden County, New Jersey
A prominent South Jersey builder with 50 years of experience developing large scale communities was developing a 350 home active adult community. Construction was completed on a 13,000 square foot clubhouse and spa including the outdoor amenities. Approximately 70 homes had been sold and built when the lender decided they no longer wanted to finance this type of construction.