Timeline of refinancing, cash disbursements, etc at Connolly Properties and related companies
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Transcript of Timeline of refinancing, cash disbursements, etc at Connolly Properties and related companies
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Property Equity CashRefinanced Event Removed Outlay
Tudor Arms Dec-01 183,000Beacon Village Mar-02 656,250Crescent Ave Investment Group Nov-02 49,000Settles Place Sep-03 205,000Washington Crossing Dec-03 697,500Plainfield Apartments Mar-04 705,000Parkside Village Jun-04 565,000
Purchase of Miner's Cove Land Jun-04 750,000Fulton Harrison Jan-05 864,720Cornell-Pingry Arms Jan-06 1,527,500Allentown Apartments Feb-06 2,976,000
Purchase of Hillside Valley Land Feb-06 1,100,000111 S Harrison St/195 Prospect St Feb-06 1,365,000242 Prospect Associates Feb-06 460,000Crescent Ave Investment Group Mar-06 127,500Tudor Arms Mar-06 562,500Ritz Court Nov-06 986,250
Wachovia Construction Loan for Hillside Mar-07Allentown Apts Loan to Hillside released Mar-07
Watchung Gardens May-07 605,000Plainfield Apartments May-07 3,400,000
Purchase of Madison Gardens land Jun-07 1,300,000Fulton Harrison Jun-07 8,423,536
Purchase of Carteret Arms Oct-07 4,500,000Parkside Vlg/Sterling/Fulton Towers Nov-07 5,272,600
Purchase of Gramercy Park Gardens Nov-07 789,946Purchase of Crescent Gardens Nov-07 1,510,054
Reduction of Miner's Cove mortgage Dec-07 500,000Mayfair Hall Jan-08 340,000111 S Harrison Street Assoc Jan-08 1,085,000195 Prospect St Associates Jan-08 1,050,000242 Prospect Associates Jan-08 560,000Settles Place Apr-08 725,000
Hillside Valley Wachovia Loan frozen Jul-08Washington Crossing Sep-08 2,352,500
Purchase of Central Park Apartments land Sep-08 1,000,000Hillside gets new loan from Investors Savings Jan-09
Collapse of Connolly Properties companies Jul-09Connolly puts investors into Hillside Valley Jul-09
Hillside Valley loan draws suspended Jul-09Connolly Properties declares bankruptcy Dec-09
Connolly pays Investors Savings missing $$ Dec-09 238,000 Reduction of Miner's Cove mortgage Jan-10 1,000,000
Hillside Valley loan draws resume Mar-10Final judgment in Davis lawsuit Feb-10
Appraisals show Hillside is worthless Jun-10Final judgment in Boykin lawsuit Oct-10
Hillside Valley loan defaults Oct-10
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Hillside Valley Capital Call meeting Oct-10Miner's Cove Lis Pendens Nov-10
Transfer of Siesta Park to private partners Jun-11Transfer of Allentown Apartments to private partners Jul-11
Colasuonno's wife loans $1m to Madison Gardens - a piece of land Jul-11Colasuonno and Connolly file Hillside for bankruptcy Jul-11
and claim they have meager assetsCriminal and SEC Indictments May-12
Connolly owned apartment building in Plainfield Lis Pendens Oct-12Connolly Guilty Plea Feb-13
Connolly Watchung House Lis Pendens Feb-13$35,743,856 $12,688,000
Bold = Private contruction venturewith Richard Colasuonno
unannounced to most investors
Status