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City Crossing Mixed Use Real Estate Filed For Bankruptcy Protection

Posted By Las Vegas Real Estate Agent Bill On June 15, 2008 @ 11:58 pm In Las Vegas Real Estate, Las Vegas News, Henderson Real Estate News | Comments Disabled

ForeclosuresCity Crossing Henderson mixed use real estate filed for bankruptcy protection. City Crossing is a 6 million square foot, $2 billion development at Executive Airport Drive and St. Rose Parkway.

Two weeks ago, City Crossing 1 LLC, filed for chapter 11 bankruptcy to reorganize $180 million.

The construction progress includes site improvements started last year including, roads, utilities and grading worth $30 million.

Expected to open in the next several months, which is not going to happen for phase one. Phase project plans include a 160 room boutique hotel, 215,000 square foot commercial real estate, 175,000 square feet of retail space and 184 apartments.

Once again the credit market problems and housing market is working against loans financed with real estate as collateral. City Crossing market appraisal is appraised at $250 million.

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The Henderson real estate is secured by Henderson Executive Airport adjacent raw land.

Most lenders for the existing debt at City Crossing Las Vegas have been willing to negotiate the debt. The Community Bank of Nevada has lent $30 million to the project and unwilling to deal.

Remaining site upgrades will be paid out of cash reserves.

Finishing the 41 buildings for City Crossing is still the developer’s intent with a possible joint venture partner. Source: Review Journal

Call 702-505-6988 for VIP real estate representation by a real estate agent.

City Crossing mixed use real estate filed for bankruptcy protection.

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