NACOGDOCHES, TX (KTRE) - Timber Springs board president Dr Jerry Holbert moved from Nacogdoches several years ago, but he returns in an effort to keep a proposed senior housing project that he developed alive. "We have two groups that we are actively trying to move to a yes," he said in between phone calls with potential investors. Holbert says within in the last day a third investor entered into the picture. "We have land. We have construction drawings. The architectural plans are complete. We have contractors already lined up to do the deal, so all those things are in play."
The problem lies with finances. First, a pursuit for tax exempt bonds in 2007 ended when the market crashed. Today the board is using an equity and debt approach. Developers like it. The trouble is banks aren't loaning the money. Not good for those standing in the wings for payment. "Law firms, development people, contractors, architects, everybody has deferred compensation waiting for financing," said Holbert.