Independent Bank filed the suit on September 22nd against Adelaide Pointe’s developer, Ryan Leestma, and other defendants associated with the $85 million mixed-use marina.
The complaint alleges Leestma failed to pay two promissory notes totaling more than $17 million that matured and went unpaid this past July. The bank is asking for a third-party receiver to take over Adelaide Pointe’s assets to protect their value, along with ordering Leestma and defendants to pay off the debt and order the foreclosure and sale of the mortgaged properties to satisfy the debt.
In a statement to WGVU, Adelaide Pointe CEO Aubrey Glick stated, "We understand why Independent Bank has chosen to get more involved in the day-to-day management of their collateral. We are confident that Independent Bank remains committed to the project.”
The statement says management expects robust sales as over 100 buyers are waiting to see a finished demo unit in the next 2-3 weeks and that the facility’s events venue is completely booked for the 2026 season.
You can read Adelaide Pointe's full statement below:
9 months of construction delays and the unavailability of a demo unit to show prospective customers slowed the absorption rate of condos sold. While 40% of all available units “pre-sold” most buyers insist on seeing finished product inventory before purchase. With over 100 buyers currently waiting to see a finished demo unit in the next 2-3 weeks we expect robust sales.
Condo projects appraise at values that consider time value of money and the expected interest expense costs during the sales period. We whole-heartedly disagree with the appraisal received by the bank as it foolishly assumed there would be no increase in the pace of sales once a demo unit was made available. Appraisers are not marketing or sales people and their perspectives do not always mirror reality especially with incredibly unique projects like Adelaide Pointe.
We understand why Independent Bank has chosen to get more involved in the day to day management of their collateral. We are confident that Independent Bank remains committed to the project. There will be no impact to sold units all of which will be finished with certificates of occupancy in the next 90-120 days. There will be no impact to employees. There will be no impact to current or prospective customers. There will be no impact to the many business units that are actively growing. This is a condo issue.
Overall we could not be prouder. The wet marina, dry marina, boat storage and leased spaces have been growing at a 50% year over year rate since purchase and/or construction. Muskegon Brewing Company has been recognized by GR Magazine as a fine dining destination with international quality. Adelaide Events is completely booked for the 2026 season with corporate events and weddings. We have received hundreds of five star reviews and have been consistently and repeatedly told Adelaide Pointe is the highest quality waterfront recreation destination on the Great Lakes. We have worked incessantly hard and compromised nothing to achieve our vision.
If it was easy everyone would do it. A project like this completed in the timeline we did it is as hard as it gets. But Muskegon is worth the effort; it has the best of everything to offer, the word is getting out and our team of “Amer-i-cans” will figure this out just as we’ve figured out everything that has come our way.
Onward and upward.
Adelaide Pointe / Ibex Hospitality General Management Team
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