Bakersfield developer Terry Moreland has had two more residential developments default, including one in northeast Bakersfield near City in the Hills, county records show. Four of his projects have now defaulted since August.
Two construction loans totaling more than $25 million taken out by Moreland’s Barcelona LLC defaulted last week. The loans, both from First Bank, were borrowed against property on Paladino Drive, east of Vineland Road, immediately north of the City in the Hills community. The tract’s two recorded phases show 96 lots are planned on 55 acres.
More than $18.7 million was in arrears on the loans as of Oct. 10, the default filings show. The loans were made in 2005 and 2007.
Thursday, October 23, 2008
Posted by Bakersfield Bubble at 7:40 PM