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 Inspirada $800 Million Behind in Mortgage Payments! View next topic
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Aristotle
Nitroglycerin


Joined: 05 Dec 2007
Posts: 594
Location: On a sand dune, sipping a cold soda

Inspirada $800 Million Behind in Mortgage Payments!
PostPosted: Sat Apr 12, 2008 1:48 am Reply with quoteBack to top

On tonight's Las Vegas television news, the business report included a mention that the owner of the raw land in the Inspirada new community in Henderson, Nevada is $800 Million behind in A&D mortgage loan payments.

The land owner is purportedly an LLC made up of a sizeable group of national home builders, with a local development company as LLC manager. The A&D loan was purportedly syndicated among several huge banks, in the economic news for other reasons.

Inspirada is actually desirable property, a massive relatively flat area at the first Las Vegas exit from the 15 freeway which runs between Las Vegas and Southern California.

Of course, in today's local Las Vegas newspapers, there was not a single word about this MASSIVE loan default. Watch to see how forthright the Wall Street Journal and Bloomberg will be in reporting this story, in terms of the names of the homebuilder/owners and bank/mortgage lenders.

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Aristotle

As Yogi Berra said "It's like deja vu all over again."
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jbwilkins
Dud?


Joined: 28 Feb 2008
Posts: 7
Location: Las Vegas

Re: Inspirada $800 Million Behind in Mortgage Payments!
PostPosted: Mon Apr 14, 2008 3:14 pm Reply with quoteBack to top

You're talking old news here......In Business Las Vegas ran an article back on 3-21 about this....

http://www.inbusinesslasvegas......ture2.html

and I believe the Review Journal picked it up back then.......

The major problem is Kimball Hill is in the JV and it doesn't look like they will exist much longer (unless they get their big 'capital infusion')......

Kimball Hill Info:

http://www.bigbuilderonline.co.....eID=687030
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