Hilliard retirement community put on indefinite hold - Business First of Columbus:

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Construction on the first section ofa $288 million retiremenft community in Hilliard came to an abruptg halt in mid-May as developer Erickson Retirement Communitiees LLC sought to deal with an unspecified issue with a lendinfg syndicate led by KeyBank. Now Ericksonh has told the city of Hilliarrd it plans to close the sales center in July untiofurther notice. In a June 23 letterr to Hilliard MayorDon Schonhardt, Steveb Montgomery, the Baltimore-based company’s director of development wrote that “Ericksom has been working with its lenderx to resolve the financingb issue that led to the constructioh halt at Hickory Chase.
” “We had hoped this would be a temporaryh move,” Montgomery added, “but at this time we cannotg say with certainty that we will move forward in the near According to public records, Cleveland-based KeyBank leadz a syndicate that lent Erickso $90 million for constructiobn in April 2008. The “indefinite delay” will resultf in the closing of the marketing center in late In the nextfew weeks, Montgomery said the salexs staff will assist those prospective residents on theif waiting list.
Those with reservations will have the choicex of keepingtheir contracts, accepting incentivex to move into Erickson communities in other cities aroune the country or receiving a returnb of their deposit. The developer also told Hilliarfd it would remove remaining construction trailers onthe 80-acr e development site in the next few Montgomery pledged to secure the properties. “We will contac t you as soon as there arenew developments,” the executive wrote. Braunn Construction Group of Michigan had been working for abouft the past year onthe project’s firstt 145 units and a community centedr in Erickson’s Hickory Chase project.
Thoses first projects were estimated tocost $34.1 according to financing documents tied to construction of public improvements for the project. Site work estimated to cost $19.66 million also is underr way for the entire first phase of 833 residential unitsx that were set for completionby 2013. Ericksonh in January 2008 paid $11.6 million for 88 acres along Davidsobn Roadin Hilliard’s Ansmil district west of Interstates 270.