Residential Projects
Waterfall Club at Lake Burton
The Seng Company partnered with Glenfield Capital in their acquisition of a note secured by The Waterfall Club at Lake Rabun. The note basis was purchased at a significant discount to the outstanding loan balance from the community’s most recent sale in 2010. The partnership took the note through foreclosure to obtain fee simple ownership of the community’s 78 remaining lots. Offering access to one of the Southeast’s preeminent golf and resort communities, all of the lots were contracted for sale within several months of their initial acquisition.
Lighthouse Pointe
The Seng Company acquired this REO waterfront community located on Lake Watts-Barr near Knoxville, TN out foreclosure from a regional bank. The 71-lot community was acquired at a substantial discount to the prior loan balance despite offering a fully completed horizontal infrastructure. Our firm concluded the substantial build-out of the waterfront amenities including a community marina facility, and we constructed a community clubhouse with resort pool. Providing a market-leading amenity base and a truly unique and compelling value for lakefront access in the Knoxville area, our firm is currently in the process of actively marketing the lots in this community. For more information on our remaining inventory, please view our web site at http://lhpointe.com.
Oconee Landing
The Seng Company acquired this REO property out of a portfolio that had been acquired from a local community bank, and our invested basis represented a substantial discount to the prior outstanding loan balance. The 200-acre property offered more than 1 mile of deep-water shoreline on one of the most sought after recreational lakes in the Southeast. Unentitled at purchase, our firm fully entitled and developed the project into a sub-division offering a mix of lakefront lots and lake access lots with multiple common area amenities for lot owners. As part of the development, we concluded multiple land purchases and/or easements to ensure the most efficient and successful design of the neighborhood. Beginning with a greenfield site, this project was developed and all inventory marketed and sold within ten months of its initial acquisition.
Tallulah Landing
The Seng Company acquired this REO property from a local community bank at a significant discount to the prior outstanding loan balance. The property was located adjacent to a recreational lake with a mix of lakefront lots and lake access lots. Our firm initiated and completed three separate land swaps with neighboring property owners to enhance and redefine the project and realize its inherent value. This property required significant development to complete the infrastructure, build out the remaining undeveloped inventory, and to complete the common amenities. We subsequently marketed and sold all inventory within several months of the initial acquisition of the project.
Sweetwater Cove
Our firm acquired this 21-lot REO subdivision from a local community bank at a significant discount to the prior outstanding loan balance. The property was located proximate to a recreational lake with access via a community dock. We resolved the outstanding development and permitting issues with the subdivision, and the property was subsequently marketed for sale to end users. All lots were contracted within several months of the initial acquisition of the project.
Rivendell
The Seng Company acquired the remaining lots from this existing subdivision as well as additional raw land for future development from a local community bank at a price equal to a considerable discount to the prior outstanding loan balance. The property was improved to marketable standards and all title and development issues were concluded. The property was marketed for sale and over 90% of the existing inventory was sold within several months of its acquisition. Seeking to maximize our risk-adjusted return as well as to preserve the inherent biological value of the property, we placed the remaining undeveloped land under a conservation easement with a local land trust.
The Arbor
The Seng Company partnered with a development firm in their acquisition and development of this residential subdivision. Our firm previously sought to purchase this REO project outright from a local community bank, but we were unable to come to a purchase agreement that provided an acceptable risk-adjusted return. We kept track of the project’s progress, and when a portion of the project was subsequently put up for sale, The Seng Company provided bridge financing to the acquiring firm to capitalize the development and sale of the project.
