Oxbow LLC Develops Apartment Complexes All Around the Metropolitan Area

Oxbow LLC develops apartment complexes all around the metropolitan area of Dallas.The company creates separate partnerships in which it serves as a general partner.Each partnership purchases land, hires an architect and contractor that build the apartments, and then operates complex.The development activity is financed out of nonrecourse loans made by First National Bank of Ohio that has a 20 percent interest in the deal.The loans are at reasonable rates and comparable to those made to other borrowers.In addition, the loans are secured by the real estate.This year L purchased an investment interest in one of the partnerships, West Albany LLC.L's share of the nonrecourse debt is included in his at-risk amount.