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Harborwalk
3087 Views ::
2 Comments ::  :: Galveston - Homes, Galveston - Lots |
 | Harborwalk is cleverly located in a small town close to Galveston, Clear Lake, and Houston. Offering the best that the Gulf Coast has to offer without all of the busy hustle and bustle of a large, overpopulated metropolis. After just a short drive, you can enjoy the beautiful beaches of Galveston; a town rich with history, art, theatre, and culture. Another short drive in the opposite direction, and you're in Clear Lake, where you can spend the day shopping at the mall, eating at one of their fine restaurants, or just relaxing at a local coffee shop. A bit further North, and you're in downtown Houston. Great museums, shopping, shows, and everything else you can imagine.
The luxury of living at Harborwalk is that after your day (or night) out on the town, you can come home and enjoy the peace, tranquility, beauty, and serenity that's native to the premiere Bayfront Community on West Galveston Bay.
A coastal community with all of the state-of-the-art amenities and none of the hassles. A lifestyle built on a lifetime of achievement inspired by dreams that can only lead home to Harborwalk.
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Harborwalk offers a variety of homesites to fit your needs. If you choose to buy a Harborwalk homesite, then you can either choose to build a home with someone from our list of Featured Builders, or you can choose your own builder to build the perfect home for you.
Featured Builders:- Bilmar Homes
- Masterpiece Custom Homes
- Dan Wallrath Custom Homes
- Marsters Company
- Chuck Morris Estate Homes
- Reed Custom Homes
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| Ships Store Features:- Starbucks® Coffee and Tazo Tea® products
- Haagen Dazs® Ice Cream products
- Full Service Deli Serving fresh sandwiches & salads made to order
- Cold drinks, ice, snacks, beer, sundry items and more
- Marine Grade Diesel & Gasoline available at our fuel docks
- Highly sophisticated live bait well system
- Call Ahead Service Call ahead to have your supplies collected in advance and ready for pick up
- Fishing, boating supplies
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| Marina Amenities: - Wide, highly stable aluminum truss floating docks with hardwood decking
- Slip sizes from the mid-30's up to 125' yachts at the end of the dock's T-heads
- Broadband internet, electricity and potable water at docks
- Marine Grade Diesel & gasoline available at our fuel docks
- Floating bathroom, shower, changing, and laundry facilities
- Harborwalk's Concierge Service
- Boat and marina channel depth are 10' at mean tide
- Highly sophisticated live bait well system
- 600 yards from the Intracoastal Waterway
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Street of Dreams
Harborwalk Siteplan
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Bydoris @
Saturday, September 13, 2008 2:52 PM | |
Looking for information about Harborwalk marina following IKE??? Please call 281-705-7650 |
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By
Laura Elder The Daily News @
Saturday, January 09, 2010 9:43 AM |
Developers of the Harborwalk community known for million-dollar waterfront homes has filed a lawsuit against Compass Bank after the bank sent a notice of default on an amended $30 million note and refused to allow the company to draw any more money to cover project costs.
Harborwalk LP, which developed the 380 residential lots, 150-slip marina and a yacht club 2.4 miles west of Interstate 45 on state Highway 6, filed the lawsuit Thursday in the 10th District Court in Galveston. The developer is accusing Compass Bank, which now does business as BBVA Compass, of breaching an agreement made 18 months ago to extend the loan for five years.
The lawsuit seeks an injunction prohibiting Compass Bank from foreclosing and cancellation of the developer’s debt, among other remedies.
Harborwalk LP officials said they have not defaulted on any provision of the loan agreement and have made timely payments. The bank’s actions have forced Harborwalk LP to lay off 30 employees and could force it into Chapter 11 reorganization, officials said.
“We are stunned and at a complete loss to understand BBVA Compass’ actions,” Harborwalk officials said in a prepared statement.
Compass Bank officials could not be reached for comment late Friday.
But in a Dec. 23 letter to Harborwalk LP, Compass Bank blamed declining value of property used as collateral for its decision to call the note.
“The appraiser’s valuations show a very large decline in the value of the collateral from the collateral value previously used in the loan restructure in 2008,” according to the letter. “The lender has determined that a ‘material adverse change’ creates an event of default ... of the loan agreement.” Harborwalk LP said information used for the appraisal was incomplete.
Harborwalk LP formed in 2002 to develop an upscale subdivision on 815 acres along the north shore of West Galveston Bay, on the site of the failed Flamingo Isle development.
At the time, the developer — its principal is Lynn Watkins — obtained a $12 million development loan from Riverway Bank, according to the lawsuit. From 2002 to 2007, when real estate was booming in the county, the development proceeded as planned, according to the lawsuit.
In 2006, the loan was extended to $30 million, according to the lawsuit. About that time, Riverway Bank was acquired by Texas State Bank, which was in turn acquired in December 2007 by the Spanish bank holding company BBVA. Later, BBVA began operating as BBVA Compass.
Harborwalk has sold about 300 lots, generating more than $50 million in sales, officials said.
But beginning in 2007 and on into 2008, the white-hot market that had spurred so much development, particularly waterfront projects, began to cool.
Lot sales at Harborwalk began to slow dramatically, according to the lawsuit.
Harborwalk also completed the yacht club and marina. But the costs of those improvements and the drag in sales made it necessary to draw down all the money available through the development loan, according to the lawsuit.
The developers, foreseeing a prolonged downturn in the real estate market, approached Compass Bank in the fall of 2007 seeking a modification of the loan. Harborwalk LP offered to contribute $10 million in equity, which would be used to reduce the principal amount of the loan to $20 million, according to the lawsuit.
In consideration of the pay down, Harborwalk requested the bank extend the loan for five years, reduce the interest rate and allow the developer to make draws on the loan to a $30 million cap, according to the lawsuit.
The $10 million of fresh equity was contingent on those terms and that was made clear to Compass, according to the lawsuit. Compass Bank accepted the offer, and refinancing on the new terms was closed in June 2008, according to the lawsuit.
At the time, Compass Bank engaged an appraiser to assess the fair market value of property that would collateralize the loan. The appraiser said the value of the property was $62 million.
On Dec. 7, when Harborwalk submitted a draw for various expenses, Compass Bank began to process it but then stalled, according to the lawsuit. Harborwalk sent an e-mail demanding the bank fund the draw in accordance with the loan agreement, according to the lawsuit. That’s when Compass informed the developer of the “adverse change” in the financial condition of the loan.
The most recent appraisal performed for Compass Bank, dated Sept. 21, puts the value of the remaining parcels owned by Harborwalk and used for collateral at $25.2 million, according to the lawsuit.
“We subsequently obtained a copy of the appraisal only to discover that BBVA Compass had instructed the appraiser to omit almost half of the assets owned by Harborwalk,” the developer said in a prepared statement. The developer has sought meetings to discuss the matter and the deficiencies in the appraisal, officials said.
“However, BBVA Compass only consented to pro forma telephone conference with a low-level official who told us only that the bank had regulatory issues and was not in a position to fund any further draws,” the developer said in a prepared statement.
In August, federal regulators seized Austin-based Guaranty Bank, selling most of the institution’s operations to BBVA Compass, a subsidiary of a large foreign lender.
“Harborwalk LP is committed to maintaining the viability of this outstanding community and protecting the investment of all the Harborwalk property owners,” officials said. |
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