BELGRADE — In 2023, the Belgrade Trailer Court was put up for sale, leaving many residents wary of the future. But now, the HRDC has stepped in to prevent the displacement some of these residents could’ve faced.
“This whole park is one community, and you can tell the worry is spreading,” said Crystal Wendt.
Wendt has lived here in the Belgrade Trailer Court for six years. She says when she first heard the news of the property going up for sale, she was devastated.
“Because you can just see it coming, new development coming to wipe you out,” said Wendt. “Many of us would face homelessness if anything like that were to happen.”
But now that...Read More
Our thoughts on this story:
I’m not sure why the residents thought this park was a future development site – just look at the map for evidence – but if they want to conspire with non-profits to buy something then why not? I hope they have a plan on that 2-year debt, however, as it will be coming due right at the peak of the “commercial real estate apocalypse” when $2 trillion of worthless office building and shopping mall loans comes due (they probably should have used an advisor from the real world when structuring the deal and not an academic). If they ultimately default on the loan two years from now, then they would have been much better off with a professional investor that would never have agreed to those loan terms.