As a massive stalled real estate project in Midlothian tries to work its way out of bankruptcy, one of the development’s lenders is eager for some cash.
Virginia Commonwealth Bank
‘They hit a brick wall’
Condrey Construction, which thrived during the housing boom by building high-end homes, files bankruptcy.
‘Strategic’ default?
One of the most active developers in the City of Richmond is letting some of his property go into foreclosure so that he can expel an investor and renegotiate his loans with his bank. That investor happens to be one of the biggest companies in Richmond.
Local builder files for bankruptcy protection
Prospect Homes, a local homebuilder for more than 25 years, filed for Chapter 11 bankruptcy Tuesday. The company owes more than $50 million to hundreds of creditors. Many businesses listed as creditors were not surprised by the news, as checks had been late in arriving for at least six months. But several local business owners said they kept working with Prospect after Audi met with them, in part because they wanted future work and had known the company for decades.