Homeowners,
We wanted you to have an update on our progress and the status of the Paces Green assemblage. We continue to work diligently to close all contracts in the SOBU assemblage by the stipulated closing date. As we move forward on that project, the outcome and details are clearer.
We realize it is difficult to wait, particularly with limited information. We are asking for your patience as we move through this unique and challenging time. The realities of funding, private equity, the residential and commercial market and the general economy has created an environment that requires our creative our focused attention. We do hope that we will be back to you with more details very soon.
If you click this link you can read the full update on the Sobu Flats Assemblage.
Monday, July 6, 2009
Thursday, April 23, 2009
Update for Sobu Flats
Paces Green Homeowners,
The following is the post that I have added to the Sobu Flats Blog as of yesterday. ...........
Dear Homeowners,
We would like to ensure all homeowners that the SOBU assemblage team is working hard to fulfill our goal to close every unit by November 3, 2009. We are dedicating 110% of our energy to obtaining financing on the SOBU parcel and development loan. When we began the assemblage, financing for projects of this magnitude was abundant, and many financing avenues were available. Due to the global financial mortgage crisis, money sources have all but disappeared, and banks have stopped lending on most land and new-development projects. Private equity, which once was readily available at the beginning of this assemblage, has disappeared due to investors refocusing their efforts to non real estate ventures. The single family residential market has taken a huge hit, home prices have decreased and the condo market has been negatively impacted even worse. The stock market has taken huge swings up and down, mostly down, while banks continue to fail. The presidential election has come and gone, and the government stimulus package has been passed and placed into action. When we set out to assemble SOBU, we knew it would be no easy task, but did not predict the magnitude of the challenges that our economy would face, which leads us to this communication. Communication has been hard for us to disseminate to the masses due to the tumultuous market swings and bank closings—we could hardly keep up with the information ourselves. Every time we found a solid financier, they disappeared just as quickly as they appeared. In the past few weeks, we have progressed from having all financing pulled from the buyer, Cartel, to having several lenders and funds showing extreme interest in investing in the deal. Due to the stock market stabilization and residential real estate market nearing bottom, in addition to the new President in office, government stimulus plan in action and banks showing earnings, lenders are being less restrictive with loaning money. The buyer has tweaked his development plans to build a product that the banks would be more eager to fund: apartments, parking garages, boutique hotels, spa, theater, retail space, and office condos (plans are able to be viewed at our office by appointment). With all of the obstacles we have faced in the past 6 months behind us, we feel it is safe to say that we are now on a downhill battle, and the most challenging feats have been won. Financing is not completely secured, but we are close to having it back in place. Once more, we want to let all the homeowners know that we are putting 110% time, energy and effort into keeping this deal alive, and are working hard to ensure the closure of all 132 units, as planned. We will keep you abreast of any important information, via the blog, that we feel is worthy of your time. Please feel free to call Josh on his cell @ 404-547-3622 with any questions.
............I know that this does not answer all of the homeowners questions at this time, but I don't have the answers myself at this time. Progress is being made, and we hope to be able to pass on positive information in the near future. Thank you to all that have offered your help, and to all that have helped in past few months!!!
Josh
The following is the post that I have added to the Sobu Flats Blog as of yesterday. ...........
Dear Homeowners,
We would like to ensure all homeowners that the SOBU assemblage team is working hard to fulfill our goal to close every unit by November 3, 2009. We are dedicating 110% of our energy to obtaining financing on the SOBU parcel and development loan. When we began the assemblage, financing for projects of this magnitude was abundant, and many financing avenues were available. Due to the global financial mortgage crisis, money sources have all but disappeared, and banks have stopped lending on most land and new-development projects. Private equity, which once was readily available at the beginning of this assemblage, has disappeared due to investors refocusing their efforts to non real estate ventures. The single family residential market has taken a huge hit, home prices have decreased and the condo market has been negatively impacted even worse. The stock market has taken huge swings up and down, mostly down, while banks continue to fail. The presidential election has come and gone, and the government stimulus package has been passed and placed into action. When we set out to assemble SOBU, we knew it would be no easy task, but did not predict the magnitude of the challenges that our economy would face, which leads us to this communication. Communication has been hard for us to disseminate to the masses due to the tumultuous market swings and bank closings—we could hardly keep up with the information ourselves. Every time we found a solid financier, they disappeared just as quickly as they appeared. In the past few weeks, we have progressed from having all financing pulled from the buyer, Cartel, to having several lenders and funds showing extreme interest in investing in the deal. Due to the stock market stabilization and residential real estate market nearing bottom, in addition to the new President in office, government stimulus plan in action and banks showing earnings, lenders are being less restrictive with loaning money. The buyer has tweaked his development plans to build a product that the banks would be more eager to fund: apartments, parking garages, boutique hotels, spa, theater, retail space, and office condos (plans are able to be viewed at our office by appointment). With all of the obstacles we have faced in the past 6 months behind us, we feel it is safe to say that we are now on a downhill battle, and the most challenging feats have been won. Financing is not completely secured, but we are close to having it back in place. Once more, we want to let all the homeowners know that we are putting 110% time, energy and effort into keeping this deal alive, and are working hard to ensure the closure of all 132 units, as planned. We will keep you abreast of any important information, via the blog, that we feel is worthy of your time. Please feel free to call Josh on his cell @ 404-547-3622 with any questions.
............I know that this does not answer all of the homeowners questions at this time, but I don't have the answers myself at this time. Progress is being made, and we hope to be able to pass on positive information in the near future. Thank you to all that have offered your help, and to all that have helped in past few months!!!
Josh
Friday, February 13, 2009
Homeowners Meeting 18th Feb at 6:30pm
Paces Green Homeowners,
Wednesday, 18th Feb 2009 at 6:30pm We have a meeting scheduled for all of the Paces Green homeowners at Cartel Properties office located at: 914 Howell Mill Rd NW # 100, Atlanta, GA 30318.. Any and all questions will be answered by Cartel Properties. This will be an extremely informative meeting, and help understand all the progress that has been made with the assemblage.
Direction from Paces Green are as follows:
Driving directions to 914 Howell Mill Rd NW # 100, Atlanta, GA 30318
5.5 mi – about 14 mins
350 East Paces Ferry Rd NE
Atlanta, GA 30305
1. Head west on E Paces Ferry Rd NE toward Grandview Ave NE 0.2 mi
2. Turn left at Bolling Way NE 453 ft
3. Turn right at Buckhead Ave NE 282 ft
4. Turn left at GA-9/Peachtree Rd NW/US-19 2.9 mi
5. Turn right at Deering Rd NW 1.0 mi
6. Turn left at GA-3/Northside Dr NW/US-41 0.3 mi
7. Turn right at 17th St NW/Bishop St NW 0.2 mi
8. Turn left at Howell Mill Rd NW
Destination will be on the right 0.7 mi
914 Howell Mill Rd NW # 100, Atlanta, GA 30318
Thank you for your time in advanced.
Wednesday, 18th Feb 2009 at 6:30pm We have a meeting scheduled for all of the Paces Green homeowners at Cartel Properties office located at: 914 Howell Mill Rd NW # 100, Atlanta, GA 30318.. Any and all questions will be answered by Cartel Properties. This will be an extremely informative meeting, and help understand all the progress that has been made with the assemblage.
Direction from Paces Green are as follows:
Driving directions to 914 Howell Mill Rd NW # 100, Atlanta, GA 30318
5.5 mi – about 14 mins
350 East Paces Ferry Rd NE
Atlanta, GA 30305
1. Head west on E Paces Ferry Rd NE toward Grandview Ave NE 0.2 mi
2. Turn left at Bolling Way NE 453 ft
3. Turn right at Buckhead Ave NE 282 ft
4. Turn left at GA-9/Peachtree Rd NW/US-19 2.9 mi
5. Turn right at Deering Rd NW 1.0 mi
6. Turn left at GA-3/Northside Dr NW/US-41 0.3 mi
7. Turn right at 17th St NW/Bishop St NW 0.2 mi
8. Turn left at Howell Mill Rd NW
Destination will be on the right 0.7 mi
914 Howell Mill Rd NW # 100, Atlanta, GA 30318
Thank you for your time in advanced.
Tuesday, February 10, 2009
February 10th Post
Paces Green Owners:
1. There has been a certified letter sent by the buyer to all addresses of record to Paces Green owners. If you have not received this letter please call Nan or Taylor immediately.
2. In that letter the buyer asks for a 120 day extension period to be granted from all Paces Green owners. He has been working very diligently on the primary goal - which is to close on the property. Due diligence on deals of this scope take a long time and a lot of money on behalf of the buyer.
3. The buyer needs to have answers from Paces Green owners that state whether they will extend the due diligence period on their contracts or not. If they opt not to extend the period then their contract will be terminated.
4. If the owners grant this period, then the buyer will continue to move forward to get to the finish line.
5. Josh Reeves has been working tirelessly to assist the buyer and his agent with this process on a daily basis. The buyer remains totally optimistic about the viability of this project. We expect a closing in November but we need the cooperation off all owners to make this happen.
6. Josh has been in communication with many owners in the community who are thrilled to sign this extension understanding that the closing date remains the same, and we are definitely in the final stretch, but more time is simply needed for the buyer to conduct all studies, surveys, engineering, etc.
PLEASE CALL THE BUYER'S AGENT - TAYLOR ANDERSON - at (404)805-9898 or call Josh.
Thanks for your patience.
Annie Boland
1. There has been a certified letter sent by the buyer to all addresses of record to Paces Green owners. If you have not received this letter please call Nan or Taylor immediately.
2. In that letter the buyer asks for a 120 day extension period to be granted from all Paces Green owners. He has been working very diligently on the primary goal - which is to close on the property. Due diligence on deals of this scope take a long time and a lot of money on behalf of the buyer.
3. The buyer needs to have answers from Paces Green owners that state whether they will extend the due diligence period on their contracts or not. If they opt not to extend the period then their contract will be terminated.
4. If the owners grant this period, then the buyer will continue to move forward to get to the finish line.
5. Josh Reeves has been working tirelessly to assist the buyer and his agent with this process on a daily basis. The buyer remains totally optimistic about the viability of this project. We expect a closing in November but we need the cooperation off all owners to make this happen.
6. Josh has been in communication with many owners in the community who are thrilled to sign this extension understanding that the closing date remains the same, and we are definitely in the final stretch, but more time is simply needed for the buyer to conduct all studies, surveys, engineering, etc.
PLEASE CALL THE BUYER'S AGENT - TAYLOR ANDERSON - at (404)805-9898 or call Josh.
Thanks for your patience.
Annie Boland
Tuesday, February 3, 2009
February 3rd Post
Paces Green Owners:
The buyer has until February 11th, 2009, to decide whether to move forward and pay additional non-refundable earnest money, or to walk from the deal. Everything looks very positive and Josh Reeves is in contact with the buyer and buyer's agent daily. They remain optimistic about this deal. However; February 11th will be the true test. We will get back to you shortly after that date at which point we will know of the buyers intentions.
Thanks,
Sobu Team
The buyer has until February 11th, 2009, to decide whether to move forward and pay additional non-refundable earnest money, or to walk from the deal. Everything looks very positive and Josh Reeves is in contact with the buyer and buyer's agent daily. They remain optimistic about this deal. However; February 11th will be the true test. We will get back to you shortly after that date at which point we will know of the buyers intentions.
Thanks,
Sobu Team
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