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Wells Fargo regains control of town center

Foreclosure of large portions of University Town Center in Hyattsville became a near certainty last week when the project’s construction lender, Wells Fargo, took control of the property as the highest bidder at public auction.

The bank bid $25.1 million for its own distressed loan on the property Aug. 10, effectively ensuring that it will complete the foreclosure process and assume ownership.

Wells Fargo became an investor in the project in October of 2006, when it issued an $83.3 million construction loan, according to court filings. Shortly thereafter the real estate market began to turn sour, and the developer, Prince George’s Metro Center Inc., began defaulting on payments shortly thereafter . As of April of this year, the developer still owed $60.5 million in principal, interest and penalties.

The court named Rockville-based developer Foulger-Pratt a receiver for the property.

M. Scott DeCain, of Bald Eagle Partners, a consultant to Prince George’s Metro Center Inc., said he had reached a settlement with the bank in which the development team was relieved of any recourse liability and would continue to manage the property until Wells Fargo decides whether to sell it in the future.

“I think the bank will ask us to continue to manage the assets. That’s day-to-day, that could change at any moment, but that’s my understanding,” McCain said.

Not all of University Town Center, located at the intersection of East West Highway and Belcrest Road, is being foreclosed upon. The properties at stake include Metro One, a 289,000-square-foot office building occupied by the Federal Emergency Management Agency, a 112-unit condominium building, a 22-unit apartment building, a 14-screen movie theater by Consolidated Theaters and two future development sites.

McCain said the development team and an unnamed capital partner still planned to submit an offer to buy the property at the right time. “I can’t speak for what Wells will do. Sooner or later they will sell it — that could be tomorrow, that could be five years from now,” he said. “I can tell you that whenever that is, we will be there with our capital partner to do our best to acquire it.”

A Wells Fargo representative at the auction declined to be named or to say what the bank’s plans for the property were. He was one of a dozen people who gathered in front of the Prince George’s County Courthouse for the auction, held by Alex Cooper Auctioneers.

Construction Loan Calculator Benefits | rottensoundnapalm.info

Construction Loan Calculator Benefits

A very popular mortgage option these days for folks that are looking to build a new home, instead of purchase and existing home, is called a construction loan mortgage. This is where the bank will give you predetermined progress payments for reaching certain phases of construction until you are complete. If you are curious to see how all the numbers look the best thing to do it find a constuction loan calculator and just keep tweaking the input items to see what effect each will have on your specific situation.

Sometimes managing a constuction loan mortgage can be a little difficult because you have to balance out the flow of money from the lender with the subs you have working on your home and try to keep everyone happy when they are all coming to you. In the end though it’ll all be worth it to move into your brand new house!

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