In Bankruptcy, Capistrano Terrace’s Closure Plans on Hold

San Juan Capistrano Terrace MHC photo credit Jeanna Chandler San Juan Capistrano PatchSanJuanCapistranoPatch reports a controversial plan to close the Capistrano Terrace ‘mobile home park’ has been placed on hold. Capistrano Terrace Ltd. filed for chapter 11 bankruptcy protection and owes the city of San Juan Capistrano $7,548 in administrative fees. “…due to the bankruptcy, funding is not available and cannot be deposited with the city. Therefore, processing of the project must be suspended,” Laura Stokes, city staffer, expressed in a report dated July 27 to San Juan Capistrano’s Housing Advisory Committee. The committee scheduled a closure decision Wednesday. The city hired a consultant to identify the closure impact residents. July 12 bankruptcy filings reveal Capistrano Terrace Ltd. owes creditors over $3.7 million. The filing came on the heals of a $4.58 million dollar failure-to-maintain settlement involving infrastructure. “It is my understanding that any proposed settlement would need approval from the bankruptcy court,” said Capistrano Terrace’s attorney, Daniel T. Rudderow. The chapter 11 filing is “clearly an effort to do an end run around the city’s park-closure ordinance that requires the owner to pay residents fair value for the homes,” resident Rus Calisch asserted. Calisch says Capistrano Terrace Ltd., a limited-liability corporation, shares at least one partner with developer, Advanced Real Estate Services (ARES).  ARES is building a commercial, residential and equestrian project adjacent to the manufactured home community. “ARES does not have any ownership in Capistrano Terrace. ARES is concerned with developing its own project and has no obligation or interest in solving problems at the mobile home park.” Ray Poulter at ARES stated.  The City Council will review the closure application Aug. 16 in a closed meeting.

(photo credit Jeanna Chandler/SanJuanCapistranoPatch)

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