Vantage Lofts Las Vegas condos filed for bankruptcy with $72 million in debt. The Henderson real estate development company, Slade Development, last week asked for court protection due to the credit market crunch.
This move could have been seen since the sales office closed four months ago because subcontractors filed mechanics liens totaling $17 million for their unpaid construction work. Assets are listed at $45 million.
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Vegas Grand luxury condos now controlled financially by Lehman Bros. A local Las Vegas commercial real estate company is now marketing the development. Vegas Grand is located near Swenson Street and Flamingo.
About a year ago, the land for Vegas Grand in Las Vegas, Nevada was appraised for $72.5 million, or about $4.55 million an acre with the cost of construction is approximately $78 million.
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Fontainebleau Las Vegas $2.9 billion resort is unfazed by credit market. The Strip real estate development keeps its distance from the construction overruns and credit market crunch similar to Crown Las Vegas, Tropicana and Cosmopolitan Las Vegas condos.
The development has an expected 2009 opening and completely financed.
Condos for sale in Fontainebleau are expected to commence this September. The marketing and promotion of these 1,018 luxury condominiums better be strong or the credit crunch market could take them down the path of its neighbors on the Las Vegas Strip.
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Vantage Lofts Las Vegas condos construction progress stops due to financing restructuring. Slade Development expects to continue within a few weeks.
Slade Development sales figures were not what they expected of the $160 million lofts project. Based on the mortgage crisis and current real estate market they weren’t prepared for the lack of buyers to their project in Henderson.
Continue reading Vantage Lofts Las Vegas Condos Construction Stops Due To Financing
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