Terra Verde Pays Bankrupt Lender $45M For Calif. Development

Law360, New York (November 13, 2012, 5:36 PM EST) -- Real estate investment firm Terra Verde Group LLC on Tuesday said it has bought Rancho Las Flores, a foreclosed 10,000-acre planned residential community in Hesperia, Calif., for $45 million from bankrupt lender R.E. Loans.

Richardson, Texas-based Terra Verde bought the planned community from the estate of R.E. Loans, a private mortgage lender that had loaned more than $80 million to the development and just emerged out of Chapter 11 protection in June. Terra Verde paid $45 million for the project, according to bankruptcy court documents....
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