Bank Calls Back Loan To Home Builder
The bank is demanding Technical Olympic USA, based in Hollywood, Fla., repay money it borrowed last year to buy Transeastern Homes, the home builder involved in a handful of local developments, including Live Oak Preserve and the Hammocks in Tampa, and Tampa Bay Golf & Country Club in San Antonio. Technical Olympic USA, or TOUSA, owns Transeastern as part of a joint venture. The total purchase price was $857 million, according to documents TOUSA filed with the Securities and Exchange Commission last year. A few weeks ago, TOUSA told investors that Transeastern was performing poorly and the home builder laid off 130 workers in September.

Bank Calls Back Loan To Home Builder

The bank is demanding Technical Olympic USA, based in Hollywood, Fla., repay money it borrowed last year to buy Transeastern Homes, the home builder involved in a handful of local developments, including Live Oak Preserve and the Hammocks in Tampa, and Tampa Bay Golf & Country Club in San Antonio.

It's not clear yet what Deutsche Bank's demand means for Transeastern.

The poor real estate market conditions have hit Live Oak especially hard. Karyn Glubis, a real estate agent who lives there, said Transeastern stopped offering lots in its phase two areas this year. She has 12 homes listed at Live Oak and manages 50 rental properties there.

People don't know what's going on with Transeastern, but they're concerned about how it might affect them, she said.

Technical Olympic USA, or TOUSA, owns Transeastern as part of a joint venture. The total purchase price was $857 million, according to documents TOUSA filed with the Securities and Exchange Commission last year. A few weeks ago, TOUSA told investors that Transeastern was performing poorly and the home builder laid off 130 workers in September.

TOUSA's director of corporate communications, Hunter Blankenbaker, could not be reached before deadline.

TOUSA's share price fell 35 percent Wednesday, closing at $7, after the company informed investors about Deutsche Bank's request. The closing price has since risen to $8.20 a share.

Information from Bloomberg News was used in this report. Reporter Laura Kinsler can be reached at (813) 865-4844. Reporter Dave Simanoff can be reached at (813) 259-7762.
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