Court-Ordered Sales Process Of Stateview Homes Projects Begins

According to records filed by each of the creditors, Kingsett and Dorr are owed $167,826,634.78 and $4,000,592.77, respectively, on the Minu, Nao Phase I, High Crown, and On The Mark projects. Atrium and Dorr are collectively owed $24,449,396.98 on the Nao Phase II project. Dorr is owed $9,192,852.58 on the Highview project and $38,121,787.67 on the BEA project. Meridian is owed $17,975,000.00 on the Elm project.

According to KSV, Stateview held just $1,095,000 across all of the accounts held by the companies under receivership as of May 1.KSV also says that it advised Stateview Group — after it was appointed as the receiver but before KSV took control of the received companies — that money in its Elm account, which held a majority of Stateview’s remaining funds , should only be used for purposes related to the Elm project.

Across the eight projects, Stateview Homes also accumulated $77,172,000 from deposits paid by 765 homebuyers, but had used up all of it on direct and indirect project costs before the receivership began. According to Tarion, the few homebuyers who have already occupied a completed home can submit a warranty claim, adding that they will “backstop Stateview’s warranties if the builder is unable to fulfill their warranty commitments.”Those who have paid deposits on homes for projects that have yet to complete will have to wait, however, as Tarion says it has to hold off until the received assets are sold to see what happens with the existing purchase agreements.

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