Lake Las Vegas real estate has been acquired by The Atalon Group after option payments on a $540 million mortgage loan was in default. The transfer of ownership, of the 3,592 acres of Lake Las Vegas, Nevada, is for an undisclosed amount.
The real estate in Las Vegas, NV transaction transfers interest to Atalon the Ritz Carlton Hotel, 400 acres of undeveloped land, three golf courses, a fourth in development and about a half a dozen businesses on the Strip.
The change of ownership from Ron Boeddeker, chairman and president of Transcontinental Corp., to Atalon is a change after 18 years of managing the development.
Builders who were expected to make payments last September on 400 acres of Lake Las Vegas land couldn’t because of the uncertain housing market. Transcontinental then couldn’t not make the option payment.
Frederick Chin, CEO of Atalon, became president of the Lake Las Vegas properties January 2, 2008.
Chin and his partners, James Coyne, have been leading the management of Lake Las Vegas real estate for Credit Suisse since last September.
Atalon’s business is experience in guiding financially troubled businesses and to restructure their operations. They look very carefully at the business planning, budgets and controls.
Some key employees will have jobs while senior management in development and marketing have been laid off. Source: Review Journal
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Lake Las Vegas acquired by Atalon Group after builders loan defaulted.