By Eleni Himaras
reporter@ltview.com
While the news of Crescent Resources’ bankruptcy has had many concerned about the future of Rough Hollow, developers say that the Chapter 11 filing has absolutely no affect on the Lakeway development.

“Crescent is basically an investment partner,” Developer Haythem Dawlett said. “The issues they have are with their lender; their lender is not our lender. Rough Hollow is the only property in the whole portfolio that has a different lender.”
The money that Crescent did invest in Rough Hollow, Dawlett said, was out of pocket.
“When they did the investment with us, they were wholly owned by Duke Energy. Sometime thereafter, Duke Energy sold half of Crescent to Morgan Stanley and that’s when they went out and refinanced all their projects.”
As lots continue being sold throughout the development, Dawlett said the next major step for Rough Hollow is the opening of Highland Boulevard.
“We are waiting for the landscaping to be finished,” he said. “Once we stabilize the slopes and get a sign-off from the county, then the city, then we can open.”
Crescent Resources, LLC, is a land management and real estate development company with interests in 10 states in the southeastern and southwestern United States. The Charlotte-based company listed Bank of America as their principal lender. For more information visit www.crescent-resources.com.