Byline: Cailin Brown Business writer
T he story in the industry is that real estate development attracts optimists.
There's another part of the story: Too bad you can't take an attitude to the bank.
For example: Local developer Armand Quadrini.
For nearly 30 years, Quadrini was building himself a sizeable land bank for home building. To supplement his residential holdings, he invested in some commercial and income-producing properties.
Quadrini is a classic development optimist.
But just like so many other highly leveraged developers in Houston, Atlanta and Boston - the first to be hit in an economic slowdown - Quadrini became caught in a mire of mortgages without the ready cash to meet his debt.
He had leveraged his holdings to buy more land, but production dwindled. And now his creditors - almost in unison - are calling due their loans, forcing Quadrini to auction and sell some of his prize holdings.
"For years, I've always bought because I …
No comments:
Post a Comment