Mira Villa Las Vegas Condominiums Bankruptcy Saga Continues In Court

Mira Villa CondosMira Villa Las Vegas condominiums bankruptcy saga continues in court. Two motions were filed including a bond to pay for construction completion.

The Mira Villa condo appointed trustee has filed the motions to ultimately sell the development in Summerlin real estate near the luxury One Queensridge Place.

One motion is allow the sale of the completed mid rise condos to pay off the loan allow the sale of homes to the existing buyers. The second is a motion for a $46 million bond to finish the phase of construction, market and pay the mortgage interest of the existing loan.

The Las Vegas development has another legal issue, $2.5 million in mechanics’ liens by subcontractors.

A local contracting firm has completed concrete work, including ramps, walkways and the foundation for the recreation center at a cost of $190,000.

January, HDB LLC filed for bankruptcy on the mid rise condominium development in the Summerlin master plan.

The projected cost of construction completion is $35 million first phas of Mira Villa’s 113 units. The current debt for construction costs is $66 million and another $14.5 million for more development fees. Source: Review Journal

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

Mira Villa Las Vegas condos bankruptcy saga continues in court.

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