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.
For the past half a century the real estate developer has not had such a credit crisis as he’s seen recently,
There are two loan lenders that are owed obligations of $67.4 million. The lender in first position is Bar-K/Real Estate Loans of Lafayette, California and Scripps Investments and Loans of California. Slade Development has been talking with the lenders to figure a way out of this situation.
Another Las Vegas condo project dealing with problems with construction delays and lending issues. Approvals for the city of Henderson were delayed due to engineering and design. Because of the billions of dollars in construction in Las Vegas real estate the construction laborer pool has become very small and overworked. The slow sales of the luxury condominiums were another major negative. They were priced from $450,000 to $1.6 million.
The Vantage Lofts first phase was scheduled to be finished over a year ago.