Spaulding Green

Legacy Development was retained by Spaulding Green LLC to develop a comprehensive plan to recapitalize the company, organize all pre-construction tasks and arrange vital construction financing to replace maturing debt. The Spaulding Green project entails some 350+ housing units spread over 400 acres in the town of Clarence, New York.

Legacy provide comprehensive plans in all of the following areas:

  • Revamped the organizational structure.
  • Negotiated new partner's debt and equity contributions allowing the company to continue operating.
  • Negotiated extensions of over $12 million dollars of expiring bank debt.
  • Negotiated and closed a $14 Million Dollar Construction Loan
  • Negotiated payment plans and contracts with key service providers.
  • Provide comprehensive process for managing construction risk and minimizing costs.
  • Provided multiple comprehensive project budgets and phased based financial forecasts.
  • Led numerous meetings and phone calls with Company principals, service providers, bankers and regulators.
  • Prepare numerous papers, memos and notes to meetings for Company principals.

With Legacy's assistance, the company received final approval for construction of the project in 2011 and construction commenced immediately thereafter. Legacy Development was instrumental in preventing Spaulding Green from going into default and moving the project to successful implementation.

Spaulding Green Aerials


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