P
resenting a rare opportunity for the astute homeowner, business man, or investor.

new hope for Baltimore's Westport...




Website Purpose
:

1. To inform about plans and projections  regarding the Middle Branch Harbor.
 
2. To help with the
placement of owner occupants and responsible investors who may help to improve and contribute to the community while also increasing their investments in
Westport.

                                    


                                             Latest and greatest! 

Jul 10, 2014, 11:55am EDT

Pat Turner might have just saved his Westport project.

Jaclyn Borowski

Developer Patrick Turner appears to be hanging onto his Westport land, at least for now.

Reporter- Baltimore Business Journal
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Developer Patrick Turner appears to have found an investor that has pulled his Westport Waterfront project from the clutches of foreclosure.

A Wednesday U.S. Bankruptcy Court filing shows Turner's lender, Citigroup Global Markets Realty Corp., is transferring its $30 million claim on the 43-acre Westport parcel to a group called Westport Property Investments LLC. State records show the LLC was formed last month and describes its purpose as "to purchase real estate."

A second court filing Thursday shows Citigroup sold the mortgage note to Westport Property Investments for an undisclosed sum. Turner and Citigroup could not immediately be reached for comment.

If a real estate investor has convinced Citigroup to sell its the note, it would mark a huge turning point in Turner's long-running efforts to develop the land for his mixed-use development once promoted as the next Inner Harbor. There was no indication in the two court filings that Turner is connected to Westport Property Investments, but he had been working on a deal with Atlanta-based Stein Investment Group to purchase the note.

Stein Investment Group could not be reached for comment.

Stein had made an initial $7.5 million offer to purchase the note, but Citigroup refused because it would have been a huge discount on the $30 million mortgage. The bank in March began an aggressive effort in to unload the Westport property in a foreclosure auction, but the auction was canceled because of a last-minute court filing by a creditor, Towson-based Tiderock Capital LLC, which claimed it should be party to the bankruptcy proceeding

In May, it appeared Citigroup had reached a turning point after both the bank and Turner agreed to a nine-week delay in the case that pushed any action on the property until July 18.

That court filing appeared to be the best hope for Turner to save the property, which he has been working on for nearly 10 years. Turner had much to lose if the property went to auction, including a $160 million tax increment financing plan approved by the City Council that would not pass to a new owner.

 


LOCATION LOCATION LOCATION!

   Westport is:  

  • Only 35 miles from Washington.
  • Only blocks from 295 & I-95 accesses.
  • 12 minutes to BWI.
  • 3 min to downtown using the light rail.
  • 5 blocks from the stadium.
  • 20 miles north of Fort Meade.


Homes here on this waterfront community are among the lowest you will find, in a location that can't be beat.

Don't let this opportunity slip through your fingers.

Do your research now & buy. I will be happy to answer any questions.


No Real Estate agent has assisted with more home sales in Westport than myself.
(I am fairly certain of this) I have assisted with over 50 home sale transactions within this 12 block waterfront community.




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