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Double defaults for developer
| Thursday, May 22 2008 5:38 PM
Last Updated: Friday, May 23 2008 7:34 AM
A Sacramento developer landed double default notices Wednesday for a pair of Wasco projects, county records show, adding to existing fiscal troubles here.
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Photos:
Isaac Villalobos, 2, and his cousin play outside the Villalobos' home on Quaking Aspen Avenue in the Hidden Grove project of Reynen & Bardis Communities Inc.
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Reynen & Bardis Communities Inc. had already racked up three bad loans on Kern projects before the latest notices arrived for subsidiary Reynen & Bardis Wasco LP. Company founder John D. Reynen filed for bankruptcy protection last month mostly due to business debts, court records show.
Wednesday’s defaults involve loans from Comerica Bank taken out against two sites on the north side of Highway 46 at the southwest corner of Gromer and Palm avenues.
One, for a pair of notes totaling more than $9 million, was borrowed against what’s now the Hidden Grove neighborhood off Palm.
A half-dozen or so families bought homes in the unfinished tract before Reynen & Bardis halted construction at all its sites last year.
More than $6.4 million was due on that loan as of May 9, the default notice indicated.
The other missed payments concerned about 78 acres immediately north of Hidden Grove. More than $7.9 million was past due on a pair of notes totaling $12 million, the notice showed.
A default notice is the first legal step in possible foreclosure. Lenders can repossess property used as collateral if the borrower doesn’t repay the loan.
Reynen & Bardis previously defaulted on two sites in northeast Bakersfield and on another loan borrowed against a third site in Wasco.