Facility Highlights
- 500+ acre mixed-use development in Magnolia, TX which is located northwest of Houston (10+ year project)
- SVN|Angelic did three loan workouts for developer
- SVN|Angelic re-zoned roughly 50 acres of the property for retail – a higher and better use for that portion of the project
Transaction Summary
- SVN|Angelic was originally brought into the project to help stave off foreclosure in 2008
- Ultimately, SVN|Angelic got the developer out of foreclosure for the property owner three separate times and then refinanced the project for the developer until the market became development-friendly again
- The remaining original lots were sold off to local home builders, SVN|Angelic has since sold or contracted for sale on the majority of remaining single-family land
- The last remaining step is to market the re-zoned retail land to retail developers
Key Benefits
- SVN|Angelic was originally brought in to save the project from bankruptcy and in the end the owner not only got their money back, but they have made a large profit
- Our ability to re-zone part of the property for retail greatly increased the value of that land
- The project is now quite vibrant and has very active home building underway from three major home builders