Vantage Lofts Las Vegas Condos Filed Bankruptcy With $72 Million Debt

Vantage LoftsVantage 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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Vantage Lofts Las Vegas Condos Construction Stops Due To Financing

Vantage LoftsVantage 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.

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