Focus Property Group Stops Making Interest Payments On $500M In Loans
Focus Property Group stops making interest payments on $500 million in land loans. The real estate in Henderson, Nevada was won in June 2004 at a Bureau of Land Management auction for $557 million.
The property in question is 4,800 acres of land located in Victorville, California, Pahrump and the Las Vegas Valley. The Focus Property Group is one of the largest developers in Southern Nevada.
The distribution of land is 1,000 acres in Victorville, 1,700 acres in Pahrump, NV and 2,100 acres of land in Las Vegas real estate.
The CEO is negotiating with the mortgage lenders to find a financial solution to save Focus’ assets and continue business.
Due to the mortgage crunch, huge subprime loan defaults and other single family home loans in NV.
New homes for sale have been severely limited slowing the need for vacant land. Focus developed land for shopping center developers and new home builders. They haven’t sold a piece of land for over two years.
Other than The Howard Hughes Corp. land ownership, Focus Property Group believes they are second in line of raw land ownership in Las Vegas.
Focus used the services of hard money lenders to finance the land purchases. These were short term loans that averaged 11 percent interest rate.
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Focus Property Group stops making interest payment on $500 million in loans.