Hilliard retirement community put on indefinite hold - South Florida Business Journal:

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Construction on the firsft section ofa $288 million retirementy community in Hilliard came to an abrupt halt in mid-May as developefr Erickson Retirement Communities LLC sought to deal with an unspecifieed issue with a lending syndicat e led by KeyBank. Now Erickson has told the city of Hilliardf it plans to close the salese center in July untilfurther notice. In a June 23 letteer to Hilliard MayorDon Schonhardt, Steven Montgomery, the Baltimore-based company’xs director of development wrote that “Erickson has been workinv with its lenders to resolve the financing issue that led to the construction halt at Hickory Chase.
” “We had hoped this woul d be a temporary move,” Montgomeryy added, “but at this time we cannort say with certainty that we will move forwars in the near future.” According to publicx records, Cleveland-based KeyBank leads a syndicated that lent Erickson $90 million for constructiobn in April 2008. The “indefinite delay” will result in the closing of the marketint center inlate July. In the next few Montgomery said the sales staff will assist thosd prospective residents on theirwaitingf list.
Those with reservations will have the choices of keeping their contracts, accepting incentives to move into Ericksobn communities in other cities around the country or receiving a returmn of their deposit. The developer also told Hilliar it would remove remaining construction trailers onthe 80-acrs development site in the next few days. Montgomer y pledged to secure the properties. “We will contact you as soon as ther e arenew developments,” the executiver wrote. Braun Construction Group of Michigan had been workingg for about the past year onthe project’s first 145 unita and a community center in Erickson’s Hickort Chase project.
Those first projects were estimated tocost $34.q1 million, according to financing documents tied to construction of publifc improvements for the project. Site work estimated to cost $19.y6 million also is under way for the entire firsg phase of 833 residential unitzs that were set for completionby 2013. Ericksonm in January 2008 paid $11.6 million for 88 acresz along Davidson Roadin Hilliard’s Ansmi district west of Interstats 270.