Walton Westphalia Development Corporation Reports First Quarter 2016 Fiscal Results and Requests Extensions of Senior Loan and Mezzanine Loan
0 people likes this
Walton Westphalia Development Corporation (the “Corporation”) announced today its results for the first quarter of 2016. Launched in March 2012, the Corporation was formed to provide investors with the opportunity to participate in the acquisition and development of the 310-acre Westphalia Property (the “Property”) located in Prince George’s County, Maryland, United States of America.
First Quarter Highlights
During the first quarter of 2016, the following key activities were undertaken:
Completion of the temporary entrance and traffic circle,
Installation of directional signage and marketing billboards,
County approval of new street lighting fixtures that set a new standard across the entire County but will first be exclusively installed at this project, and
Completion of utility installation to the first series of lots beyond the model lots.
Management continues to believe that by pursuing vertical development joint ventures and less expensive financing strategies as discussed herein, the Corporation can potentially achieve a higher IRR. These IRRs are based on, among other things, achieving certain revenue targets, maintaining construction schedules and costs, the timely receipt of recoveries, third-party sales and commitments for additional lots from the builders. Further material changes to IRR projections and the projected hold period could occur due to changes in the aforementioned and other factors.