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closeBIRCH BAY - A California developer says he plans to take over the foreclosed Terrell Creek Villas condo project on Birch Bay, and he expects to start construction on the 90-unit complex in spring 2009.
"I'm really very excited," developer Agustin Rosas-Maxemin said. "It's one of the most unique pieces of property I've seen in that area of Washington."
Rosas-Maxemin is president and founder of Armax International. The company Web site says the firm began with single-family home projects in 1981 and moved on to bigger things. Past projects listed on the site include the DeSilva Island project in Mill Valley, Calif., with 62 "luxury townhomes," and the 132-unit Domizile condo project in Mountain View, Calif.
But for now, the 10.5-acre site along Birch Bay Drive, north of Alderson Road, is the property of First Down Capital of Bountiful, Utah. First Down Capital acquired it in a foreclosure sale on Aug. 8, 2008, after the original developer, Art Wiener of San Francisco, was unable to secure financing for construction.
First Down had loaned Wiener $4.25 million to pay for the purchase of the property and the design and permitting process for the three-building complex, which will include a seven-story central structure and two townhouse buildings.
Bo Brower, First Down Capital's president, said Rosas-Maxemin has a contract to purchase the site, but the deal hasn't closed.
"We haven't transferred title, and we're not going to until he brings his money to the table and closes," Brower said.
Rosas-Maxemin expects to do that in 60 to 90 days, Brower said.
"He's told us that he's making good progress in getting his financing in place," Brower said. "That's really all I know."
Rosas-Maxemin acknowledged that credit conditions are tight in today's economic environment. Developers are facing skepticism from lenders, and would-be home and condo buyers are finding it tougher to get mortgage loans. But he expressed confidence that once he closes the deal to acquire and build Terrell Creek Villas, selling the units won't be a problem.
"I think by the time we build the project, the market will be back to a more stable situation," Rosas-Maxemin said.
Brower agreed.
"I think overall it's improving," Brower said. "I think we're really starting to turn a corner."
The most recent data from the Federal Deposit Insurance Corp. shows little evidence of any improvement in the financial environment. Overall, the FDIC reported that the percentage of all bank loans classified as noncurrent (90 or more days past due) rose above two percent of all loans during the second quarter of 2008. That is the highest level since 1993, and the rate apprears to be rising rapidly, the FDIC reported.
For real estate loans, the percentage of non-current loans rose to 2.7 percent, compared to 1.03 percent in the second quarter of 2007.
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