Earthworks are well advanced for stage two of the $50m Mountview Green housing project. Photo / Supplied
Earthworks are well advanced for stage two of the $50m Mountview Green housing project. Photo / Supplied
A Florida-headquartered financier is owed $28.2 million by the New Zealand company finishing the final stages of Rotorua’s Mountview Green housing project, according to the liquidators’ first report.
Damien Grant and Adam Botterill of Waterstone listed Quaestor Advisors LLC of Jacksonville, Florida as the single largest creditor ofMarcus Jacobson’s insolvent company, Roto Whare.
On December 6, Quaestor had Kiwi receivers Daniel Stoneman and Neale Jackson of Calibre Partners appointed as Roto Whare’s receivers, Waterstone’s initial report said.
The liquidators’ first report cited Jacobson saying it was a Property Law Act notice by that mortgagee which resulted in him seeking advice and having liquidators also appointed.
Quaestor is a secured creditor and appeared in Waterstone’s estimated statement of affairs on Roto Whare as being owed $28,233,820.30.
“The 86-home project is close to completion with 95% of the properties sold or under contract, including those already completed and settled.
“We are hopeful that liquidation will allow development to complete quickly. The market for new homes in Rotorua is brisk and demand is continuing to run ahead of the ability of developments to build,” Jacobson said.
Liquidator Damien Grant expects losses to unsecured creditors but said: “From what I am aware of so far, there will be no loss to customers.
“There are only two houses that appear to have been sold but not completed. Both people have deposits with solicitors and those should be safe.”
Developer Marcus Jacobson at Mountview Estate in 2021. Photo / Andrew Warner.
Receiver Neale Jackson last week said Mountview Green stage two between Frank St and Emma Alley was 60 homes:
18 are completed, sold and settled;
22 are completed but not settled;
20 are in various stages of construction.
The receivers’ initial report is yet to be issued.
Steve Lovegrove, general manager of Eves Eastern Bay of Plenty, said last week his agency had been advertising and selling Mountview Green homes: “There’s no need to panic. We don’t believe any purchasers will get caught short.”
Some deposits had been repaid because sunset clauses had passed, he said.
Most of the 20 homes now under construction were not under contract, Lovegrove said, although he believes they will all be finished.
Property records show Roto Whare owns 29 properties on Rose Cres, Emma Alley and Frank St, Rotorua.
Mountview Green’s website advertises new family two-storey duplex and terraced freehold homes with three bedrooms and two bathrooms from $559,000, a six-minute drive from the town centre.
The liquidators said they expected to complete the preliminary investigation within three months.
Anne Gibson has been the Herald’s property editor for 24 years, written books and covered property extensively here and overseas.
