In those states, voters halted the rising national trend of allowing primarily local governments to seize personal property for private commercial development.

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Various low-level commercial enterprises followed before the fledgling entrepreneur enjoyed his first real success in property development in the late 1960s when he was involved in a project to build Milano Two -- nearly 4, 000 flats -- outside Milan.

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Overexposure to construction and development loans including loans secured by multifamily and commercial properties: If loans for construction, land development, and other land, and loans secured by multifamily and commercial property are 300% or more of total risk capital, the institution would also be considered to have a CRE concentrations above prudent levels, and should employ heightened risk management practices.

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The two properties are part of a "shared ranch" development called the Silver Bow Club , which Pepe-formerly a commercial-property developer in Florida-is creating with his partners, husband and wife James and Cassandra Toth , fly-fishing outfitters from Missoula, Mont.

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