On April 7th, Residential Funding Company (RFC) posted Notice of Foreclosure Sale on ShadowGlen Residential’s (SGR) assets in ShadowGlen, which includes, but not limited to, 170+- developed lots, 300+- acres of undeveloped land and the $2,000,000 bond sale reimbursements forthcoming from the TCMUD2 bond sale. Despite continued negotiations between SGR and RFC, neither side was able to arrive at an amicable conclusion to the disposition of the SGR development loan for ShadowGlen. As stated above, the SGR assets were foreclosed on, on the Travis County Court House steps on May 5th.
Dwyer Realty would like to remind the community that we are still an active developer, we were not the lead Developer entity of the foreclosed assets but are the Managing Developer for SGR. Dwyer Realty and its partnership with Cottonwood Holdings, Ltd. are consulting with legal professionals involved in our projects to ensure the foreclosure has the least impact on the current and future residents of ShadowGlen, and that all efforts are maintained to promote the health and vitality of the Greater Manor Community.
Also, we ask you please maintain an active role in the community and take a moment to read the update sent to our ShadowGlen residents by clicking the link below. Here you may read further details and explanation on the foreclosure and future health of ShadowGlen.
http://www.dwyerrealty.com/documents/ShadowGlenCommunityStatusUpdate05.07.09.pdf
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