• I-77, Exit 30

    My first job in Charlotte was the sale of shares in the Lake Norman Company (LNC). LNC assembled land and holdings for future development on each of the four quadrants of exit 30 and I-77, which is the exit to the town of Davidson and Davidson College. Each intersection quadrant is now fully developed (2017).

    Read more
  • Romare Bearden Park

    In 1986 the land under Romare Bearden Park (pictured above) was fallow. With the backing of Connecticut Mutual Life Insurance Company (CML), I assembled two-thirds of the park land. The other third was contributed by Howard Duval.

    Read more
  • Rancho Ellen Apartments

    Between 2002 and 2005 I served as a High Yield Group asset manager to a First Union / Wachovia business group which made greater than 75% LTV loans and/or preferred equity investments. The real estate involved was located coast-to-coast, serviced out of Charlotte. Oxnard, located north of Los Angeles, was proximate to truck farming operations. A fair number of residents migrant worker families.

    Read more
  • Mission Viejo

    Mission Viejo om 2002 was the site of a former K-mart store, which effective 2Q02 was closed due to company bankruptcy, and was encumbered by a mortgage owned by a FUNB client. My First Union workout team was hired as a special servicer to foreclose and get title to the dirt. Our servicing team subsequently sold the foreclosed parcel to a REIT which built the apartments which appear in the photo.

    Read more
  • Palm Springs Mile Shopping Center

    Palm Springs Mile shopping center (Hialeah, Fla.) in 1990 was collateral to a first and third mortgage, held by First Union (circa 1990-1992). My job (beginning 2Q90) was to move the third mortgage ahead of the second mortgage, in order to obviate the second mortgage holder from “foreclosing out” the third mortgage. The loan amount (aggregate) was $66 million which at the time was the largest real estate exposure within First Union (FUNB). The savings and loan crisis hit 1Q90, and FUNB was taking some big real estate loan losses. This particular loan exposure, in the end, was paid in full.

    Read more
© Copyright - Mount Vernon Asset Management