Opinion ID: 2464762
Heading Depth: 4
Heading Rank: 1

Heading: Parties and project

Text: Norway Estates, LLC (Norway) is an Alaska limited liability company formed and solely owned by Per Bjorn-Roli, a retired insurance company executive. Norway planned to build a 12-unit condominium project in Girdwood (the Project). Yvan Safar, an experienced contractor and sole proprietor, formed Safar Construction, Inc. in September 2006 for the purpose of contracting with Norway to build six of the condominium units. Safar was the sole officer, director, and shareholder of Safar Construction. In July 2006, Wells Fargo Bank, N.A. (Wells Fargo) agreed to loan up to $3.3 million to Norway to finance construction of the first six units of the 12-unit condominium project. Bjorn-Roli did not cosign in his individual capacity or personally guarantee payment of the loan. Cindy Jobe, a vice president of Wells Fargo and a knowledgeable and experienced loan officer, originated and was responsible for administering the loan. On June 26, 2006, Safar Construction contracted with Norway to complete the six units by November 20, 2006 on a cost plus basis for a not to exceed price of $2,990,434. Safar prepared the contract and cost schedules with Bjorn-Roli based on rough estimates from plans that were not completely detailed because Safar did not have sufficient time to complete them. Safar hired a bookkeeper, Carol Howerton, as a subcontractor to track costs and do payroll. Safar paid himself wages as an employee of Safar Construction; he received $45 an hour and overtime. Safar also planned to purchase one of the six units for approximately $750,000.