Randy Sebastian ‘Moving Forward’ In Bend
We’ve been following the story of Randy Sebastian’s Renaissance Ridge; his $120 million, 210-home development in Bend.
When the market fell apart in Bend Randy tried the usual promotions to keep the inventory moving but it didn’t work. Then on March 7th his lender, Key Bank, filed a notice of default on the subdivision and said he must pay the $13 million loan off within five days.
Now we get some good news from Randy: (no link)
Renaissance Homes announced today that it has successfully changed lenders and refinanced the Renaissance Ridge development in Bend. Owner Randy Sebastian said he recruited investors who are bullish on the housing recovery in Central Oregon.“We have fulfilled our obligations to Key Bank and we will continue marketing a great Oregon lifestyle with these new homes in Renaissance Ridge,” Sebastian said. “For us, it’s full speed ahead.”The refinancing will result in the creation of a new development […]
Original post by noreply@blogger.com (Clint8200)
