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