A fledgling real estate development in New Kent County, VA is taking a gamble that’s rare these days.
New Kent Courthouse Village, a stalled $30 million mixed-use development modeled after a traditional English village, requested to have its Chapter 11 bankruptcy protection dismissed last month, saying it can work out new terms with its lenders and keep the project alive on its own.
Developer Grosjean “John” Crump put the project in Chapter 11 in September to prevent a foreclosure by one of its lenders.
Now with the development out of bankruptcy, Crump said last week that he was making proposals to the project’s three main lenders to refinance million in loans.
“Hopefully we can get this project moving again,” said Crump. “We worked it out with two [lenders] and have one more we’re working with now.”
Crump, New Kent County’s former commissioner of the revenue, started working on the venture eight years ago. The project stalled after it ran out of money and was unable to obtain new financing to keep it going.
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Filed under: New Kent VA Communities, New Kent Village |
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