When an article published by Press of Atlantic City recently about an unpaid loan, people started to raise questions. Now that some time has passed and more information has come to light, even more problems appear to be arising. When you have an unpaid loan there will always be questions and concerns, but when you start to consider the fact that there is already millions of dollar of missed payments and millions more that is set to be paid in the near future, you have to wonder whether this entire deal was a sham and if it will ever come to completion or not.
Part of the problem with the current DEVCO project is that it originally started in 2007 when the financial crisis was starting to hit and therefore it was in the red right off of the bat. When you consider that the original reason for some of the excitement for the project was the anticipation that other projects would also develop and pop up in the area, the fact that the great recession hit and delayed other projects shows it may not have been Devco’s fault that this project is where it is.
When you consider the rest of the projects and designs that Devco has been involved in as of recently, there is room for hope. After all, a development company doesn’t just hinge their entire operation on one project or on one site. They have many in the works. That being said, when you have a $20 million loan with nothing but missed payments and question marks, the future of the organization starts to become a bit shaky.
At the end of the day, Devco has shown considerable progress in creating top properties, developments, and designs. That being said, when a company has questions circling and millions of dollars outstanding, there are certainly red flags being raised and it may be time to get to the bottom of the issue.