The Real Deal Miami

Tradition developer seeks loan relief

May 18, 2009 04:32PM

Cash flow problems have prompted the parent of Tradition developer Core Communities to attempt to renegotiate financing with its lender as the value of its land plunges. Fort Lauderdale-based Woodbridge Holdings Corp. said in its most recent quarterly report to the U.S. Securities and Exchange Commission that there are doubts Core can continue as a going concern. Core President Tom Babcock said the company has $15 million in cash on hand and expects the payments can be renegotiated.