Timeline of refinancing, cash disbursements, etc at Connolly Properties and related companies
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Property Equity Cash Refinanced Event Removed Outlay Tudor Arms Dec-01 183,000 Beacon Village Mar-02 656,250 Crescent Ave Investment Group Nov-02 49,000 Settles Place Sep-03 205,000 Washington Crossing Dec-03 697,500 Plainfield Apartments Mar-04 705,000 Parkside Village Jun-04 565,000 Purchase of Miner's Cove Land Jun-04 750,000 Fulton Harrison Jan-05 864,720 Cornell-Pingry Arms Jan-06 1,527,500 Allentown Apartments Feb-06 2,976,000 Purchase of Hillside Valley Land Feb-06 1,100,000 111 S Harrison St/195 Prospect St Feb-06 1,365,000 242 Prospect Associates Feb-06 460,000 Crescent Ave Investment Group Mar-06 127,500 Tudor Arms Mar-06 562,500 Ritz Court Nov-06 986,250 Wachovia Construction Loan for Hillside Mar-07 Allentown Apts Loan to Hillside released Mar-07 Watchung Gardens May-07 605,000 Plainfield Apartments May-07 3,400,000 Purchase of Madison Gardens land Jun-07 1,300,000 Fulton Harrison Jun-07 8,423,536 Purchase of Carteret Arms Oct-07 4,500,000 Parkside Vlg/Sterling/Fulton Towers Nov-07 5,272,600 Purchase of Gramercy Park Gardens Nov-07 789,946 Purchase of Crescent Gardens Nov-07 1,510,054 Reduction of Miner's Cove mortgage Dec-07 500,000 Mayfair Hall Jan-08 340,000 111 S Harrison Street Assoc Jan-08 1,085,000 195 Prospect St Associates Jan-08 1,050,000 242 Prospect Associates Jan-08 560,000 Settles Place Apr-08 725,000 Hillside Valley Wachovia Loan frozen Jul-08 Washington Crossing Sep-08 2,352,500 Purchase of Central Park Apartments land Sep-08 1,000,000 Hillside gets new loan from Investors Savings Jan-09 Collapse of Connolly Properties companies Jul-09 Connolly puts investors into Hillside Valley Jul-09 Hillside Valley loan draws suspended Jul-09 Connolly 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-10 Final judgment in Davis lawsuit Feb-10 Appraisals show Hillside is worthless Jun-10 Final judgment in Boykin lawsuit Oct-10 Hillside Valley loan defaults Oct-10
description
This chart shows several key events, including the routine extraction of cash by David Connolly and Connolly Properties, purchases of development properties unknown to most investors, and the relative timing of key events such as foreclosures and bankruptcy. Note that the Connollys' house, their own apartment building that was exposed with a high risk refinanced mortgage like everyone else's, and the Franklin NJ condo construction project were the very last to fail, long after investor-owned properties.
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
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