Longtime Florida Builder Oriole Homes Files For Bankruptcy
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The tough Florida real estate market has claimed another victim, this time longtime South Florida builder Oriole Homes Corp. The company was a parent company of 10 other subsidiaries that were losing money that Oriole had guaranteed their loans.
According to people in South Florida, this is a tough loss. Oriole had been active in the communities and had survived many ups and downs over the years. It was considered one of the bedrock organizations.
Now it is facing liquidation as it see’s no way out of the hole it is in. Our thoughts and prayers go out to the employees and their families.
Some of Oriole Homes’ major assets, which include numerous subsidiaries, are communities in various stages of development. They include Terraces at Reunion, a 200-unit condo development in Orlando that is half-built. Of the about 100 units constructed, about half have been sold, von Kahle said. Ocean Bank, which financed the deal, is owed $26 million.
There are two other developments which remain incomplete: Mayfair at Lawnwood in Fort Pierce and Magnolia in Punta Gorda. Von Kahle said he is still in the process of finding out what other debts are owed on those properties.
Oriole Homes lists $344,000 in liabilities. Its 10 subsidiaries are the ones doing the building and suffering from the housing downturn, von Kahle noted. But, Oriole Homes guaranteed the loans. via South Florida Business Journal:.
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Comment by Jack Smith on 4 September 2008:
It is always sad to see builders go under because of a lack of back bone and sense of responsibility by their backers. I am out in California and many banks are forcing builders into default to seize their assets and then sell them for pennies on the dollar. Who gets screwed over? The subcontractors that improved the land and then don’t get paid. Check out http://www.pathtodefault.com it has a lot of information about how this is happening.