Gibraltar Homes, which has been struggling financially amid a general rebound in housing starts regionwide, this week completed terms of a gradual debt write-down tied to an unfinished Manatee County project.
Bougainvillea Place, an Ellenton subdivision, represents the homebuilder’s largest community under development. It also sells homes in Lakewood Ranch, also in Manatee County.
The renegotiated debt terms call for $6.8 million in loans to gradually be reduced to $3.9 million over four years, said Albert A. Sanchez Jr., Gibraltar’s president.