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Friday, June 3, 2011

River Marsh Project at Hyatt regency Cambridge Sells to DC Area Developers

Wachovia/Wells Fargo and Key Bank have sold The Residences at River Marsh, a 73 Acre, 357 residential unit waterfront golf course community surrounding the Hyatt Regency Chesapeake Bay Golf Resort, Spa and Marina in Cambridge, MD to River Marsh, LLC.

The Hogan Companies served as the listing agent for the complex, comprised of partially finished single family detached and townhouse lots, a condominium building pad, as well as to-be-finished townhouse and villa lots.

The Hogan Companies represented both the sellers and buyers on this transaction. Victor White, Chief Operating Officer, and Mark Prossner were responsible for the marketing and sales efforts on the transaction.

The buyer, River Marsh, LLC, is a partnership between Crimson Partners of Herndon, VA, and Rock Creek Property Group and The Bernstein Companies of Washington, DC and Bethesda, MD. Crimson Partner's Christian Chambers, one of the firm's partners, was a key member of the original 1999 development team that acquired the initial 440-plus acres of land from the state of Maryland and developed the resort. That same team then ultimately sold the residential land to a Beazer Homes/GMAC venture.

The land was originally entitled in 1999 as for-sale residential product and part of a master- development plan that included the Hyatt Regency Chesapeake Bay Golf Resort, which boasts a 400-room full-service hotel with a golf course, marina, spa and more than five dining facilities. The original business plan from 1999 called for a slower, more methodical and intentional build-out; employing builders and ultimately delivering to homebuyers who will appreciate the lifestyle that the Eastern Shore offers inside the walls of a resort.

Beazer Homes and GMAC acquired the land in 2005 in a partnership from the original developer, with the intent of selling finished lots to Beazer Home's home-building division. That business plan stalled with the economy in 2008, and Wachovia eventually foreclosed on the land in 2009.

"Frankly, nothing in Maryland is more distressed right now than residential land on the Eastern Shore," said The Hogan Companies President, Larry Hogan.

The strategy of River Marsh LLC is to hold and market the land to builders that are capable of delivering residential product that embodies the best of the Eastern Shore. The acquisition includes 357 lots with a diverse mix of single-family sites, townhomes, villas and one 48-unit condominium pad located on the waterfront.

 The majority of the sites are "shovel-ready" or nearly shovel-ready with roads, utilities and infrastructure already in place. All of the home sites either have either golf course views, Choptank River views - or both. During its ownership, Beazer Homes successfully delivered 48 condominium units and 20 townhomes, before the residential market turned.