Thomas Enterprises’ default on the 240-acre Sacramento (Calif.) Railyards infill project in late October returned ownership to lender Inland American Real Estate Trust. The lender says it will keep the project on track and pay infrastructure contractors who have been waiting as long as six months. Oak Brook, Ill.-based Inland American initiated foreclosure proceedings against Atlanta-based Thomas Enterprises in June after the developer defaulted on $187 million in loans. When the property went to foreclosure auction on Oct. 22 with a minimum opening bid of $50 million, no one bid, effectively handing control over to the lender, which already manages
Despite a faltering international market, 2015 and the beginning of 2016 are proving to be strong years for U.S. contractors, with steady domestic growth and only moderate strain from workforce shortages.