Affiliated Developer pulls out of Eagles Manor deal

The company Affiliated Developers Inc. which has been attempting to purchase the Eagles Manor has stepped away from the deal, said Jeryl Schneider, vice president of Tamarack Property Management Co., in an email to the Havre Daily News Wednesday.

“Affiliated Developers Inc. is no longer working towards the purchase of Eagles Manor in Havre,” she said. “They were unable to work out an agreement with the current debt lender and the numbers simply did not work for them.”

Affiliated Developers has not returned multiple phone calls from the Havre Daily News as of print deadline this morning.

Havre City Council approved June 4 a $125,000 loan to the Havre Eagles Manor to make repairs in the retirement living facility contingent on the sale of the manor to Affiliated Developers.

Havre Mayor Tim Solomon and Finance Director and City Clerk Doug Kaercher said Tuesday they were unaware of the company dropping out of the deal.

Both said separately that the loan was dependent on the sale and has not been activated.

Solomon said if a new buyer wanted the loan the City Council would have to revisit the loan, revise it and revote on it in order for it to be used.

This money was designated to provide assistance in the repairs to the building, such as the air conditioning, which was not functional this summer, elevator repairs, boiler repairs, which the Eagles Manor has recently completed for the upcoming winter and other repairs that are needed.

Eagles Club Manager Thomas Farnham said Monday another buyer is looking at purchasing the Eagles Manor, working with U.S. Bank, although he was unable to provide a name.

Farnham has not returned calls asking for additional information since Monday.

Northwest Real Estate Capital Corporation, the parent company of Tamarack Property Management Co., declined to comment on the name of the new buyer.

Schneider said that she could neither deny or confirm the possibility of a second buyer.

“Tamarack has not been informed that there is a second buyer interested in the purchase of the property, but that is not unusual,” Schneider said. “Often buyers and sellers work directly together with their respective brokers and do not involve property management until they have reached an agreement. It would be great news for the property and the community if a second potential buyer has come forward.”

Affiliated Developers is also working on purchasing the Oakwood Village apartment complex in Havre.

Kirk Bruce, executive director of Affiliated Developers, said Aug. 15 during a public meeting in Havre that the company is looking at spending as much as $3.5 million in renovations of the complex.

Paul Tuss, executive director of Bear Paw Development Corp. which hosted the meeting last month, said that, to his knowledge, Affiliated Developers is still interested in the Oakwood Village property although Bear Paw has not been in contact with the company for some time, adding that he will look into the matter further.

Tuss, a Havre Democrat, is challenging Sen. Russ Tempel, R-Chester, in Tempel’s bid for re-election to Senate District 14.

Bruce said last month he will know by Nov. 20 if the Montana Board of Housing will award Affiliated Developers with the tax credits, which the company would use to renovate Oakwood Village, with renovations possibly starting next summer.