The future of a long delayed project by Milton-based Village Developments Inc is up in the air after the project was placed under receivership. realestate realestatenews Milton
. The site, which is currently occupied by three single-detached homes, is a short five-minute drive away from Milton Mall.
According to case documents, Vector Financial and Village Developments reached a loan agreement in December 2021 for the principal amount of $10M. The two parties agreed to amend the terms of the loan four times in 2022, before Vector finally issued a formal demand letter for payment in February 2023.
After the revisions were made, the two parties reached a forbearance agreement on March 7, with Village Developments expected to pay the initial reserve amount on the same day. Mintz says that when Village Developments provided a signed copy of the forbearance agreement, Vector was told payment could not be made until the next day. The next day, Village Developments then said it not could pay until March 14.
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