RSS Feed
Print Story
E-mail Story
Fifth developer defaults in Wasco
| Thursday, Jun 5 2008 7:13 PM
Last Updated: Thursday, Jun 5 2008 7:01 PM
Another residential developer has defaulted on a Wasco project, county records show, making at least five out-of-town builders with delinquent or foreclosed loans in this city of roughly 24,300.
BAKERSFIELD.COM HOT TOPICS:
Loading Stories
Advertisement
Photos:
The developer behind Wasco's Climbing Rose Estates defaulted Wednesday, county records show. Kemp Land Co.'s tract, shown in this December file photo, is across from other defaulted projects on Palm Avenue north of Highway 46. At least five out-of-town developers have had projects in Wasco default or foreclose in recent months.
Related Stories:
- Double defaults for developer
- $100 million loan on Rosamond project defaults
- Kern defaults hit another record
- Default No. 3 from Sacramento developer
- Company defaults on $35 million loan for home building
- Developer behind Kern projects defaults on $35 million loan
- Another Wasco default
- Housing market fallout hits schools, too
- McAllister Ranch developer defaults on $235 million loan
- Developer with local projects files for bankruptcy
- A hard day's loss in home foreclosures
- Debts mount at golf course development
- Sacramento developer's projects here uncertain
A pair of delinquencies were recorded Wednesday against Wasco 37 LP, a subsidiary of Brentwood-based Kemp Land Co., for a partially built project north of Highway 46.
The money was borrowed against Climbing Rose Estates, a would-be tract of about 83 homes on 39 acres at the southeast corner of Palm Avenue and Gromer Road.
Kemp Land Co.’s Brentwood phone number was disconnected Wednesday afternoon and attempts to access its Web site were unsuccessful. The company’s president is Howard Kemp, signature documents show.
Lender County Bank, based in Merced, filed Wednesday’s default notices for two loans totaling more than $10.6 million. Such notices are the first legal step in a possible bank repossession.
Construction companies and subcontractors have filed liens and lawsuits against Wasco 37 LP claiming they have gone unpaid for work at the site, county records show.
The Climbing Rose site is across Palm Avenue from two defaulted sites belonging to Sacramento homebuilder Reynen & Bardis Communities Inc.
One, the Hidden Grove neighborhood, has about a half-dozen families living in the unfinished subdivision, where work stopped last year. Reynen & Bardis has three defaulted sites in Wasco. Company co-founder John D. Reynen filed for bankruptcy protection in April.
Other troubled Wasco projects:
• Poplar Pointe LLC was foreclosed on last month. Fourteen finished homes sit behind locked gates at Filburn and Poplar avenues. The developer is John Gates, president of Triumph Companies Inc. in Irvine.
• The Las Rosas neighborhood at Palm and Filburn avenues drew a default notice for Heller Development Co. of Tarzana in late May.
More than a dozen of the tract’s 60 or so finished homes have been sold to homebuyers.
• Stockton developer Kent Hoggan’s companies, Eagle Meadows of Wasco 75 LLC and Eagle Meadows of Wasco 77 LLC, lost two patches to foreclosure in March; neither agricultural site had been developed.
One was north of 46 at Gromer and Magnolia avenues, the other south of the highway at Palm and Filburn.