Sale to developer Doug Loose will close in mid-August
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Modern Realty owner Logan Richetti, spokesman and broker for Village West Condominiums, holds the 46 individual contract documents on Friday after the 46 Village West owners unanimously agreed to developer Doug Loose's purchase offer.
lessModern Realty owner Logan Richetti, spokesman and broker for Village West Condominiums, holds the 46 individual contract documents on Friday after the 46 Village West owners unanimously agreed to developer
... more
Modern Realty owner Logan Richetti, spokesman and broker for Village West Condominiums, holds the 46 individual contract documents on Friday after the 46 Village West owners unanimously agreed to developer Doug Loose's purchase offer.
lessModern Realty owner Logan Richetti, spokesman and broker for Village West Condominiums, holds the 46 individual contract documents on Friday after the 46 Village West owners unanimously agreed to developer
... moreThe owners of all 46 homes at Village West Condominiums unanimously accepted a purchase offer ahead of a Friday night deadline, Modern Realty owner Logan Richetti, spokesman and broker for Village West, said in a news release on Friday afternoon.
"Thanks to the good faith efforts and persistence from the Board of Directors and Mr. Loose, we have successfully accomplished our objective of creating a consensus agreement to the amended proposal terms, and we have collected fully executed contract documents from all 46 owners," Richetti said.
The purchase contract is scheduled to close in mid-August. Village West, at 3314 Pine Grove Drive off of West Main Street and just east of Northwood University, was heavily flooded in May after the Edenville and Sanford dams failed and the Tittabawassee River flooded.
"The ultimate objective is still far from completed, but at least now the residents can breathe a sigh of relief knowing that we now have an official contract in place," Richetti said.
For his part, Loose certainly felt some weight lifted off of his shoulders.
"It's a huge step. Getting to this point took a lot of work," Loose said. "Logan (Richetti), myself, the board, and everybody else put in a lot to get (to this point).
"Now we have a direction and a mission, and now I just have to execute," Loose added.
Loose has spent the past few weeks meeting with banks, City of Midland officials, contractors and Village West homeowners. His proposal, in a nutshell, is to buy all 46 condos, restore them to livable condition, and rent them at a discount from the market rate on a lifetime lease to all current owners who wish to stay. The current owners are almost all seniors.
"The next step to get the units cleaned, dried and secured, and to secure financing in the next month," Loose said.
He planned to take a little time to exhale on Saturday before tackling the major work ahead.
"We'll be in very good shape to hit the ground running next week. We'll get more detailed bids and, hopefully, we'll knock (the restoration process) out of the park," Loose said.
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Village West owners unanimously accept purchase offer - Midland Daily News
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