After several months of cash-flow problems, Costa Pacific Homes has received an infusion of capital from an Oregon-based investor group and is now reorganizing itself by creating two new subsidiaries.

Led by Dr. Franklin Piacentini, one of the original developers of Broken Top, the investment group includes Portland developer Wayne Rembold and Costa’s chief executive officer, Rudy Kadlub.

”I’m familiar with the community and wanted to see this project continue and come to fruition,” Piacentini said.

The deal, which was originally scheduled to close Nov. 19, was delayed after a fourth investor dropped out last month, Kadlub said.

”The total investment is the same,” he said, ”it’s just one less person.”

Kadlub declined to reveal the exact amount of the investment, but said it was in the millions. Over the past several months, a number of Costa Pacific Home’s subcontractors have placed liens on its properties.

According to Deschutes County records, Floor Decor, Bri Lin Construction, Newman Painting, Parr Lumber Co., Masco CSC, Inc., Mike’s Fence Center and the Broken Top Community Association have had, or currently have, liens on properties which Costa Pacific Homes owns.

Since Nov. 5, 14 liens for a total amount of $145,590 owed have been filed on properties owned by the company, according to county records.

In Washington County, where the company is building homes in Hillsboro, no liens have been filed in the past two years, according to the county Assessor and Tax Department.

”It needed an infusion of capital to carry out the number of projects it had,” Piacentini said. ”The success (of Costa Pacific) led to the fact the company got overextended and that’s why it needed new cash.”

Kadlub said as Costa Pacific homes, which are priced at about $270,000, close escrow, the profit will go toward paying off the liens.

One of Costa Pacific’s new subsidiaries, Costa Pacific Communities, will focus on the master planning and development of Villebois, a transit-oriented, European-style community of more than 2,300 homes to be built at the site of the old Dammasch State Hospital in Wilsonville.

Costa Pacific Communities will also work on a new urban community in Washington County, as well as a 100-acre development in Tigard featuring 1,000 new homes.

Through the other subsidiary, Mountain Crest Homes, Redmond-based homebuilder Hayden Homes will assume management of Costa’s Bend operations, which includes The Bluffs at the Old Mill District and The Parks at Broken Top.

Hayden Watson, chief executive officer of Hayden Homes, said it will take his company about two months to completely takeover Costa’s Bend operations, which entails on-site management, purchasing, scheduling and quality control.

”We just feel that we have an opportunity to work with Costa and bring some local construction management to its Bend operations,” he said.

”…We plan to maintain the spectacular marketing and community design they’ve begun out there.”

Costa Pacific Homes will remain in existence, primarily building homes in the Portland area, Kadlub said. The company is continuing to build homes in Orenco Station in Hillsboro as well.

”I’m really excited about our association and certainly the new investors who are in the company are very experienced in the real estate business,” Kadlub said. ”…They bring more than just the investor dollars, but also a background of knowledge.”