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Work resumes on condos

Posted: Friday, August 01, 2008

Hammers are pounding and saws are buzzing once again at the Timberwolf Resort Condominiums in Soldotna, as workers put finishing touches on the two-story buildings in the middle of Soldotna's business district.

Work had stopped earlier this year and the bank had listed the condos on its Web site for public auction in Anchorage this week, but the owner and First National Bank of Alaska negotiated new financing terms so work could resume.

"It did not go to sale," was all the bank's foreclosure department would say Thursday.

Owner Randy Kaer said the bank lent him additional money and "the funding is in place to complete the project."

"I now have the right to sell and close (the sale on) the units," Kaer said Thursday.

He also said he met with city officials regarding building inspections and occupancy permits and expects to have a certificate of occupancy by next week.

Workers Thursday were affixing spruce log trim to the outside of the building nearest the Sterling Highway, and others were hauling carpet into buildings farther back on the property.

Kaer said the exterior finish work began two days earlier, and 12 of the units only need flooring installed in order to be complete.

He said he already has closed the sale on one unit and has pending sales on 17 others.

"I need to sell 20 or 21 units to pay off all the creditors and I have 27 to sell," he said.

"I owed the bank $4.28 million, and I just borrowed another $400,000," Kaer said. "The project is worth $8.3 million.

"There's enough equity in it that everybody's going to get paid," he said, referring to creditors and contractors who built the buildings.

Each condo unit has two bedrooms and two baths and covers 1,200 square feet, Kaer said. Depending on their proximity to the Kenai River front, prices range from $289,000 to $399,000. The average price is $309,000, he said.

"I'm working with the (Kenai) River Center and the city to get permits for the decks and dock," Kaer said. Plans call for a 100-foot fishing dock on the river with fish cleaning tables for use by condo owners.

He said he expects all work on the buildings to be finished within 30 days.

"It will be a little longer for the dock," he said.

Phil Hermanek can be reached at phillip.hermanek@peninsulaclarion.com.



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