01-22-16

Restructuring Projects

lake-las-vegas

Master Planned Community- Lake Las Vegas

Las Vegas, Nevada (Privately Owned)

Background
The project is a privately owned 3,600 acre master planned community in the western United States. The project has completed the build out of approximately 1,500 of the total 9,000 available lots. Due to certain covenant violations, in January 2008, the owners relinquished all of their membership interests in the project to an equity group appointed by the Senior Lenders. The Company filed file for Chapter 11 protection in July 2008.

Engagement Summary
Principals of Harmony Development Group, LLC (FKA The Monticello Group, LLC) were retained to advise the agent of the 30-member Senior Lender Group, on all operational aspects of a potential bankruptcy filing and ultimate restructuring including the development of strategic alternatives. We have completed initial due diligence of the Company’s financial forecast and strategic long-term plan, including assessment of the remaining land inventory and potential uses to maximize lender recovery. Harmony Development Group, LLC conducted a market assessment, including analyzing demographics, psychographics and the competitive landscape.
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promontory-ranch-club

Master Planned Community- Promontory Ranch Club

Park City, Utah (Privately Owned)

Background
The project is a privately owned 7,200 acre master planned community in the western United States. The project has completed the build out of approximately 800 of the total 1,900 available lots. The second lien lenders filled for involuntary chapter 11 proceeding against Promontory on May 28, 2008.

Engagement Summary
Principals of Harmony Development Group, LLC were retained to advise Senior Lenders in their review and evaluation of all business plans and financial forecasts associated with the chapter 11 proceedings as well as development of the appropriate plan of reorganization.We have completed initial diligence of the Company’s financial forecast and strategic long-term plan, including assessment of the remaining land inventory and potential uses to maximize lender recovery. Harmony Development Group, LLC conducted a market assessment, including analyzing demographics, psychographics and the competitive landscape.
Click here to learn more about how the Harmony Development Group can assist your real estate needs.


Inspirada-entry

Master Planned Community- Inspirada

Henderson, Nevada (Privately Owned)

Background
Located in the southern foothills of the Las Vegas Valley, Inspirada is a nearly 2,000-acre town unto itself, a blend of architectural styles and amenities in which neighborhoods are centered around public parks and gathering spaces. It is a community in which seven 200 to 250-acre residential villages featuring choices from brownstones to estate homes that will surround a 300-acre city center filled with restaurants, shops, offices and other commercial amenities.
Developed and managed by the largest developer in the Las Vegas Valley, the residential villages and Town Center are in various states of completion, from the initial construction phase to partially developed and half sold. The project is joint venture of 6 of the top 20 homebuilders in the United States that stopped making debt payments in July 2008.

Engagement Summary
Principals of Harmony Development Group, LLC (FKA The Monticello Group, LLC) were retained to advise the senior
lenders in their review and evaluation of all business plans and financial forecasts. Harmony Development Group, LLC estimated the cost to complete the project and assisted in the valuation of the collateral value. Harmony Development Group, LLC assisted attorneys with real estate development industry information, practices and analysis so as to support litigation alternatives and eventual successful involuntary bankruptcy proceedings.
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big-sky-village

Master Planned Community- Big Sky

Big Sky, Montana (Privately Owned)

Background
The project is a privately owned 13,600 acre master planned community in the western United States and is the only private ski resort in the world. The project is projected to have 864 total homes at build-out. The club filed for chapter 11 bankruptcy protection in early November, 2008.

Engagement Summary
Principals of Harmony Development Group, LLC (FKA The Monticello Group, LLC) were retained to advise Senior Lenders in their review and financial forecasts associated with the chapter 11 proceedings. Harmony Development Group, LLC was asked to review the valuation models presented to the Senior Lenders as part of the sales process and to address and test the validity of key assumptions. Harmony Development Group, LLC has advised the lender group regarding complex land development, public finance and member issues and their impact on future development.
Click here to learn more about how the Harmony Development Group can assist your needs.