Sterling Hill - SOLD

Hernando County - 128 Lots and Entitled Land

Overview

Located in South Hernando County just north of Spring Hill Drive and east of Barclay Avenue, straddling both sides of Elgin Boulevard, the community is approximately three miles south of SR 50 and seven miles west of US 41. Additionally the Suncoast Parkway is approximately 1.5 miles away, providing access to major employment and shopping in the Tampa Bay area.

The Sterling Hill Community features 11 separately gated neighborhoods that will include 1,100 units at build out. The neighborhoods are serviced by two recreation amenities, one in the northern section and the other in the southern section of the community. Both offer residents swimming pools, covered cabana areas, clubhouses complete with fitness faculties and multi-purpose rooms, tennis courts and basketball courts.

Bondholders have taken back 128 developed twin villa lots and entitled land for 235 additional lots. LREA has combined the twin villa lots to single family lots in which DR Horton has started construction of single family homes. The 235 entitled future lots are available.

The property is subject to the Sterling Hill Community Development District, which assesses for Operation and Maintenance and A and B Bond Assessments. Bondholders acquired the property through a deed in –lieu and plans on restricting debt to reflect current market conditions. Bondholders are weighing option as to the future workout of the remaining 172 single-family developed 65’, 70’, and 80 foot lots.