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Arlington RidgeArlington Ridge is an active adult community located in the heart of Central Florida’s beautiful Lakes region. Less than an hour from Orlando’s resort attractions, dining, entertainment, and the international airport, it offers a low-maintenance lifestyle in the Leesburg area. The community features a beautiful 18-hole Gary Koch designed golf course, tennis and pickle ball courts, fitness center, craft room, library and reception hall for large events and community theater productions, a tavern/restaurant, billiards room, movie theatre, lap and leisure pools, hot tub and men’s and women’s locker rooms. |
During the recession, the Arlington Ridge’s development’s property assessments securing the Community Development District (CDD) bonds became delinquent. Additionally, with only 250 of the originally intended 1130 units completed and sold, the bank’s development loan to the developer defaulted and was foreclosed, leaving the entire Arlington Ridge development stalled for several years.
In late 2012, the bondholder approached Common Bond Capital Partners regarding its possible interest in the development. Common Bond’s knowledge of the local market and the development, combined with its prior relationship with the bank, facilitated Common Bond’s negotiated acquisition of the property from the bank. Today, Arlington Ridge is approved for 1060 attached and detached age restricted/active adult units, of which approximately 700 of mostly detached lots are developed. The remaining lots are entitled but not engineered or developed.
In order to accelerate the successful development of Arlington Ridge and leverage direct local market knowledge, Common Bond entered into a joint venture with Florida Leisure Communities (FLC), a local development and building company with an extensive track record in the local market and broader central Florida active adult market.
Since acquiring the property, Common Bond committed its own resources and resolved the prior tax delinquencies, negotiated a forbearance agreement with the bondholders and the CDD and, through its joint venture with FLC, has commenced construction and the sale of homes.
With its local partner and Common Bond principals’ previous success in master planned communities, its current control of the real estate operations, sales and marketing, homeowner association operation, golf club operations, homebuilding, and community appearance, the venture has minimized risk and maximized the profit potential in the development of the real estate. Through its negotiations and agreements with the bondholders and the CDD, Common Bond has minimized overall development risk by aligning all the stakeholders’ interests and, accordingly, has provided for a return on investment for bondholders and the community...all from a stalled project that previously saw the prospect of no return. This development expertise and alignment of interests is the proven formula of Common Bond’s business model.
