Bank gets OK to enforce lien on Pelican Lakes

Developer Robert W. Day has defaulted on a $4.1 million loan from Capital One for his Pelican Lakes project on Burbank Avenue. U.S. District Judge Brian Jackson signed off on a consent judgment late last week, clearing the way for Capital One to enforce its liens and other interests. According to the judgment, Day owes $3.9 million in principal, plus accrued interest of $671,968 and another $117,459 in attorney fees and costs. Day secured the loan in 2007, amending the agreement four times, the last instance being in 2010. Capital One notified Pelican Lakes Land Holdings of its default status on the loan in May 2011, and says in court documents that no payments have been made since. Day began Pelican Lakes as a planned unit development in the mid-2000s, but only completed the first phase, the 60-unit Stonelake Condominiums. National homebuilder D.R. Horton had signed a purchase agreement in January with Day to acquire 69 acres of raw land at the site, and Pelican Lakes’ final development plan had been slated to be reviewed by the Planning and Zoning Commission in February. The design called for 230 single-family homes on 32 acres, 93 townhomes on nearly 5 acres, and a community recreational facility, ponds and green space. As of press time this morning, it wasn’t clear how this consent judgment might affect that deal. Reached by Daily Report this morning, Day declined to comment. —Penny Font