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.
The luxury lofts in Henderson, Nevada real estate and the sales center is closed while restructuring their capital. The development company figures it is in their best interest to halt their progress.
Mortgage financing should be finalized within the next several weeks and then Vantage Lofts expects to continue construction on the 20 acre project with 300 units.
Construction has stopped on the luxury homes for sale in Henderson while Slade Development works out a new financing plan. Slade Development’s chairman expects work on the project to resume within a few weeks.
The luxury condos for sale in Las Vegas, NV first development phase was scheduled for completion in three to four months. The first 40 units are expected for first phase closings.
The mezzanine mortgage lender didn’t allow a restructure of Vantage Loft’s financing. This has since caused a problem for the developer and asks for deferred loan payments.
The completion is questionable. The developer wants to see a market correction to continue. Will the mezzanine lender have an alternate financing option for the real estate development company?
The primary financing company is Scripps Investments and Loans of La Jolla, California.
This project is already a year behind schedule. The delays included engineering and design problems along with the secondary mortgage lender issue for the 110 unit first phase.
The luxury Las Vegas condos for sale near the foothills of Black Mountain are starting at $400 a square foot with 1,000 square feet to 2,600 square feet available. Source: Review Journal
Vantage Lofts Las Vegas condos construction stops due to mortgage financing.