The housing market has taken another casualty, this time it hits close to home. Rottlund Homes shuts it doors as it files bankruptcy. “Your builder for life” is going out of business. Rottlund Homes is based in Roseville, MN and is the 83rd largest builder in the country. Rottlund’s markets included Minneapolis/St Paul, MN, Tampa, FL, and Des Moines, IA.
Story from BuilderOnline:
Rottlund Homes, the 83rd largest builder in the country last year, will close its doors and liquidate its assets after it failed to reach an agreement with its three-bank syndicate to fund operations, according to CFO Steve Kahn. The company will cease operations after it completes 40 more homes, 20 of which are under contract.
Roseville, Minn.–based Rottlund, one of the industry’s leading builders of attached for-sale homes, was unable to interest other lenders in funding its operations and couldn’t find a buyer for the company, Kahn confirmed. According to a Nov. 10 lawsuit filed in Ramsey County District Court, Rottlund owes three lenders nearly $29 million.
- Twin Cities Home Builder Rottlund Homes to Shut Down? (johnmurphyreports.com)