Adelaide Pointe developers Ryan and Emily Lesstma, along with five entities they manage, negotiated a settlement agreement with their lenders, court-appointed receiver, and state and local officials.
The agreement allows for the reorganization of the five entities and the completion of the bankruptcy process.
In September 2025, Independent Bank sued Ryan Leestma for defaulting on a $30 million loan. Leestma then filed for Chapter 11 bankruptcy on April 1st, two months after a judge appointed a receiver for the development…