Caruso Homes: Waterford Projects and Symphony Village
For those watching the sales of Caruso Homes, note that there are residential developments affiliated with Caruso Homes which are not involved in the bankruptcy proceedings. Caruso Homes Inc provides management services to 8 residential real estate projects, generally known as the SNS/Waterford projects.
Digging deeper, we found that these projects are financed by SNSPF Interim Finance B.V., a Netherlands private limited liability company, which provided funding for the building of single family homes in Maryland and Virginia.
Two of the more prominent projects are Symphony Village and Tanyard Cove. Symphony Village is an active adult community located in Centreville, Maryland for which the infrastructure is substantially completed and a number of residences have been constructed and sold. A number of lots are currently available for sale.
Tanyard Cove consists of an undeveloped parcel of land near Glen Burnie, Maryland currently going through the Anne Arundel County entitlement process, which is anticipated to yield approval for an active adult housing community consisting of single-family homes, villas/townhouses, condominiums and apartments.
Currently, these projects are relatively unaffected by the bankruptcy process that Caruso Homes is going through, although it was recently revealed in court that most of these projects have defaulted on their loan facilities as well. This means that an informal workout is happening behind the scenes and some lots may be up for sale at a liquidation price, depending on the restructuring plan negotiated with the lender and sales trends.
For more details, see the Jun’09 Research Report on Caruso Homes by The Downturn Analyst.
