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Hogan Sells River Marsh Project at Hyatt Regency Cambridge

Lawrence J. Hogan, Jr., President and CEO of the Hogan Companies headquartered in Annapolis, Maryland, announced today that the company completed the sale of The Residences at River Marsh, a 357-unit residential waterfront, golf course community surrounding the Hyatt Regency Chesapeake Bay Golf Resort, Spa and Marina, in Cambridge, Maryland.

The Hogan Companies worked on behalf of the sellers, Wachovia Bank and Key Bank, as the exclusive listing agent of the complex project which is comprised of partially finished single family detached and townhouse lots, a condominium building pad, as well as to-be-finished townhouse and villa lots.

The purchaser is a partnership between Crimson Partners of Herndon, Virginia and D.C.-based real estate investment companies Rock Creek Property Group and the Bernstein Companies.

“National lenders have been turning to us to assist in the disposition of distressed assets. Frankly, nothing in Maryland is more distressed right now than residential land on the Eastern Shore. We have successfully completed several of these large transactions and seem to be the only firm having any success with these types of projects” said The Hogan Companies President, Larry Hogan.

The Hogan Companies was the sole brokerage firm involved with the transaction. Victor White, Chief Operating Officer, and Mark Prossner were responsible for the marketing and sales efforts for the project.

The Hogan Companies, the leading land brokerage firm in the state of Maryland has been involved in the sale of more than 35,000 acres of agricultural, commercial, industrial, mixed use and residential land throughout the Mid-Atlantic region. The Hogan Companies represents numerous land owners, individuals, lenders and institutional sellers of land.
 

CONTACT:
Sara Sturgis
Hogan Companies
2661 Riva Road
Annapolis, MD 21401
410.266.5100 


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