Oak Creek is a 900-acre gated golf course community located in Upper Marlboro, Maryland and approved for over 1,100 single family homes and townhomes.
After development by the original developer stalled as a result of the real estate recession of 2008-09, the Oak Creek project was in need of a new developer with the resources and know-how to complete this 900-acre golf course community. With the assistance of Linowes and Blocher LLP, a national homebuilder stepped in to restart this development of luxury homes, which, before the recession, had seen some of the highest new home sales prices in Prince George’s County. First, the new developer first purchased the loan on the property, and then, with the cooperation of the original developer, took title to the property by a deed in lieu of foreclosure, thereby avoiding the lengthy and expensive Maryland foreclosure process. In addition to gaining control of the residential portion of the project, it was also critical that the developer acquire the golf course around which the community was built. The golf course had been owned by a third-party golf course operator, but the course closed when the project stalled. Linowes and Blocher LLP negotiated the purchase of the golf course from the old operator and negotiated the subsequent sale and development agreement with a new golf course operator. Also, since some of the governmental approvals for the project would need modification, support from the homeowner-controlled HOA was necessary and Linowes and Blocher attorneys negotiated those agreements as well.
Linowes and Blocher LLP also represented the new developer in negotiating a joint venture agreement with a New York investment bank to provide additional equity for the deal.