City Crossing mixed use real estate in Henderson, Nevada seeks reorganization. Plise Development, Las Vegas based developer, obtained $180 million in short term debt during the first part of 2007 which matured about four months ago.
City Crossing is a $2 billion development within 6 million square feet near the Henderson Executive Airport. Real estate site improvements have started that include utilities, grading and roads.
The site improvements started last November and asked creditors for reorganization through Chapter 11 bankruptcy two months ago of the 125 acre project. The nationwide financial crisis and dismal credit market is making it almost impossible for developers to receive loans for their projects.
Maximizing the value of assets at City Crossing is to sell the development as an entire development. If foreclosure happens on each lender’s particular parcel the appraised value should be less.
Next month is a scheduled court ordered settlement conference before U.S. Bankruptcy Court Judge Zive in northern Nevada. One creditor of the Henderson real estate is Community Bank of Nevada which hopes the conference will create a successful reorganization plan.
City Crossing mixed use real estate in Henderson, NV seeks reorganization.