A post yesterday about the Feldman’s property generated comments about the big condo on Riverside Drive that has now sold about 20% of the units. Some folks said that it was built by Steve Grant, using his own money, but others thought that the Bank of Delmarva was the construction lender. Here’s what records filed in the Wicomico County Courthouse show.
Steve Grant appears to be one of several investors in the group called River Place, LLC, that developed the condo. The other investors seem to be Thos. and Teri Monahan and T&T Monahan Realty, Inc.
And the Bank of Delmarva has made loans to the development group for 12 Million Dollars in 2006 and another $750,000 last summer, for which it holds an “indemnity deed of trust” for each loan. Because that form of mortgage was used, they did not have to pay a tax to record the documents.
And your point is? Monaham talked Steve into the cluster, Steve's the $$$$. Monaham is takig a bath in Crisfield big time, he came from a marriage of the lucky sperm club from Larmore Corp. Oscar Carey was his father in law, when he went on his own, thr troubles began. Steve has the deep pockets to keep them above water on Riverside Drive, not so sure Monaham will make it. Sign of the times.
ReplyDeleteApparently they also have millions of dollars from depositors at the Bank of Delamarva, too!
ReplyDeleteDidn't that bank take over the insurance agency that Barrie Tilghman's husband used to own and run when it was going belly up on loans? I wonder who writes the insurance on that condo?
ReplyDelete9:53 Your correct, how in the world Tom talked Steve into investing across the river from one of the worst sections of SBY, beats the heck out of me. This is a classic case of the real estate boom where everyone thought no matter where you build NEW, throw in some brick, granite tops etc., along with creative finacing it would sell. NOT!
ReplyDeleteThey believed the old Mayor would lead them to the promise land, to bad they never counted on Salisbury News EDUCATING the public.
ReplyDeleteSteve's old businesses were on that property - answer to why they built there, when he moved to winterplace park they built whatever they thought would make money on that plot of land im assuming
ReplyDeleteTom and Terri are good people. I thought at the time they were smart to build before the other 2. Timing now just stinks for them. At the time it was a brilliant move.
ReplyDeleteLove the peeps at Bank of Delmarva too. I know they are losing sleep. Sad for everyone,
It is, this DEPRESSION has and is ripping us all a new one.
ReplyDelete12:21..this RECESSION was brought about by these type of high risk projects and the lending practices that fueled them. The head of the Wicomico River is a pretty odd place for "Luxury" condominiums.This project was in trouble from the get go.
ReplyDelete11:19 Thats right the old Phil Banks "Wedding Mall", which was the fall to the convienece store empire he had. That parcel must be a bad omen. How many rememeber the old "Banks Markets"?
ReplyDeleteI thought local banks had a loan limit to each customer based on bank deposits. Twelve Million+ on one project seems it would exceed that loan limit. I wonder how many other loans were made to Monaghan and or Grant and are still outstanding?
ReplyDelete4:20 Sure do remember them. Also remember that Wedding Mall. Shopped there once. Also went to school with Phil's daughter Dana.
ReplyDeletefrom what I understand the BOD has a lending limit of around $5Million. So another bank or multiple banks would have had to agree to fund the difference.
ReplyDeleteThe loan documents as posted (Indemnity deed of trust) do not mention another lender on the loan. It is hard to believe another lender would participate without a recorded loan document to protect the loan.
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