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allbusiness

Macatawa Legends

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Has anyone heard anything about the financial situation on this project? There has been talk on the street about problems for several weeks. The media hasn't said anything. The principles need to "nip it in the bud" if this is just idle gossip -- but now I've heard it from 3 sources. Yesterday someone used the "b" word....

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They sure have some nice architecture, but when I heard about the plans, I too highly doubted the success of this based on the luxury pricing and the location so far North of Holland (and no trees at all). And now the anemic job/housing market in Holland is probably not helping. How much of it has been built so far?

4661MLBlvdSuite108.jpg

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I have it on very good authority that the "b" word is correct and that Macatawa Bank has "sold" the project for about 20 cents on the dollar to a national developer.

Perhaps this will be a classical example of the second guy making money.

Has anyone heard anything about the financial situation on this project? There has been talk on the street about problems for several weeks. The media hasn't said anything. The principles need to "nip it in the bud" if this is just idle gossip -- but now I've heard it from 3 sources. Yesterday someone used the "b" word....

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I have it on very good authority that the "b" word is correct and that Macatawa Bank has "sold" the project for about 20 cents on the dollar to a national developer.

Perhaps this will be a classical example of the second guy making money.

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What makes you think this place is owned by Macatawa Bank?

just the name Macatawa, dose this mean that they own everything

on Macatawa Lake too?

there own web site says its owned by

FORE Development Group, L.L.C., a Michigan limited liability company, for Macatawa Legends.

Banks by law cannot be Real Estate developers however they can and do lend to Real Estate developers.

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They effectively own it , if the payments aren't made, hence the"sold" in quotation marks.

Which based on what I have been told is the case

Having bought buildings from banks, I can completely agree they aren't developers.

But it does not mean they don't wind up owning property.

And while Macatawa may not have formally owned it, you can be almost guaranteed they had something to do with the disposition of they property being in first position on it.

What makes you think this place is owned by Macatawa Bank?

just the name Macatawa, dose this mean that they own everything

on Macatawa Lake too?

there own web site says its owned by

FORE Development Group, L.L.C., a Michigan limited liability company, for Macatawa Legends.

Banks by law cannot be Real Estate developers however they can and do lend to Real Estate developers.

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I think the majority owner was Cal Prins of Prins Construction. He has done some very lucrative projects especially the big condo development in Ludington. Timing was just off. They started the project just as the housing market started to take a dive.

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I think the majority owner was Cal Prins of Prins Construction. He has done some very lucrative projects especially the big condo development in Ludington. Timing was just off. They started the project just as the housing market started to take a dive.

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