As of last week the developer of Salisbury’s luxury “condo on the creek” –
River Place – has deeded a total of 4 of its 42 units: 3 in 2007 and another in
2008. And on June 11, a second “indemnity deed of trust” on the remaining
units for another loan to the developer by the Bank of Delmarva was recorded,
this one for $750,000, the earlier one is for $12 Million.
Has anyone heard the latest on the condo that’s dead in the water on Fitzwater
Street?
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
22 comments:
$750,000 lent by the bank to pay the bank....
They may as well have asked for enough to cover their carrying costs for at least another 7 quarters, if we're to believe the forecasters. A bad time is getting ready to be had by almost all of us. Brace yourselves.
Unfortunately, a bad economy is a self-perpetuating situation....people are afraid to spend their money because things are tight, and things are tight because so many people are not spending. Some are calling this a time of "adjustment" to the markets. I say lets stop spending all of our money to defend and rebuild a country which is so incredibly rich in natural resources (which we currently buy back at $4/gallon). Just how dumb are we?
On to the North Prong -- right Bubba?
The Bank of Delmarva -- isn't that "Barrie's Bank" by virtue of her husband's business?
Anonymous said...
I say lets stop spending all of our money to defend and rebuild a country which is so incredibly rich in natural resources (which we currently buy back at $4/gallon). Just how dumb are we?
11:29 AM
To think this country is in a position not to defend itself is really dumb. WTF are you thinking??
I say lets stop spending all of our money to defend and rebuild a country which is so incredibly rich in natural resources (which we currently buy back at $4/gallon). Just how dumb are we?
12:23pm I think this person meant Iraq. to defend and rebuild (A) country
12:06-
I believe that the B of D owns the Hanna, etc. insurance agency ("her husband's business")-- story is that it took it over when it waws on the skids about 10 years ago.
Mr. Tilghman is mainly a figurehead according to my info. No doubt they do a lot of business with the local residential landlords that could be drying up after next year's election.
Are they renting the units in River Place yet?
I went to look at those condos for fun and they are beautiful BUT SO overpriced for the location and this town. Who in their right mind would want to buy an expensive condo in Salisbury on that ugly river?
Puppytoes
"$750,000 lent by the bank to pay the bank...."
Yea, that's what all of the banks are doing with their developer customers, and what the Federal Reserve is doing with the banks, and what the Chinese are doing with the U.S. Treasury.
This guarantee's, for certain, that: (1)the end is near; and (2) when the end arrives, we are totally scroomed.
a banking collapse in this country is very near at hand.
Then we also have Hanna, Kremer Tighlman insurance? Maybe some searching should be done to see if any city insurance is tied to that business?
Also, banks don't have to collapse or just close up, the value of the dollar drops as we speak. We used to use Gold to back up our money from the treasury, now it's the selling out of america, we haven't got shit to back up our money except crooked politicians
Just don't let the Chinese by Wal-Mart!
The Bank of Delmarva is run by a top notch crew with Ed Thomas at its helm. This guy is a straight shooter who doesn't lend money without good and sound reasoning. I can assure that Edward M.Thomas is nobodys fool. Oh, by the way, I merely a customer with no ties to the bank other than 25 years of doing business with them. They do , in fact, own HK&T insurance, but I don't think you'll find any malfeasance there either.
Now, if only Ed could somehow develop a personality.
Big Daddy:
Are you one of the slumlords that gets money from the Bank of Delmarva?
"The Bank of Delmarva is run by a top notch crew with Ed Thomas at its helm."
Hope they know about bankruptcy-bailout stratagems that developers use.
$12 mil is well beyond the Bank of Del lending limit, so there would have to be a group of banks involved in that deal. The other banks would have to "participate" in the deal by taking on that credit risk. The bank would not lend this money if they weren't assured of being repaid by sufficient assets. If you divide the number of units into the debt, you can see that there is plenty of equity still there.
What's amazing is that any local bank would put a dime in that condo. The one that's now "belly-up" on riverside drive was backed by a bank from across the bay.
11:19--
How much "equity" exists if the unsold units only bring $250,000 each???
Are they paying condo fees on the ones they still own -- over 90% -- or are the suckers stuck with that.
Anon 11:15 No, sorry don't own any rental property but I know a good operation when I see one. Although I am not a stockholder I would venture a guess that the board and share holders are satisfied with their investment return. What's wrong with success and successful people? Ed thomas gives much of his time and talent back to the community but stays pretty much below the radar.
The gentlemen that backed and built the building have more than enough net worth to carry this project and quite a few others as well. The sky ,in this case, is not falling Chicken Little.
boy, what a bargain! 3/4 of a millon dollars to sit and watch this years turds on the wicomico float races. enhanced by the aroma of the perdue processing plant . also great front door tickets to the nitely crack dealers and hookers workin the beat wiff spd across the street.
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