VEGAS INC coverage
The Las Vegas commercial real estate market continues to be pounded by foreclosures and, most recently, a bankruptcy.
Palisades 6300 West Lake Mead LLC, owner of a 281-unit apartment complex on Lake Mead Boulevard, west of Jones Boulevard, filed for Chapter 11 bankruptcy reorganization on Thursday — one day before a scheduled hearing in Clark County District Court where lenders planned to ask a judge to appoint a receiver to run the property.
Palisades said in its bankruptcy filing its assets of $17.5 million exceed liabilities of $14.7 million.
But U.S. Bank, trustee for investors in the debt against the property, charged in a Sept. 27 lawsuit in Clark County District Court that it had defaulted on a loan and that nearly $13.4 million was due.
That suit said a foreclosure had been initiated against the property, that the borrower had failed to turn over rents from the property since June and that the borrower is behind on property tax payments. That’s why a receiver was sought to run the property.
The company through Thursday had not responded to the lawsuit but filed for bankruptcy. The bankruptcy filing is likely to at least temporarily delay the foreclosure and the attempt to displace management of the business.
Separately, lawsuits were filed in Clark County District Court by lenders trying to foreclose on two more commercial projects in the Las Vegas area. The suits seek to have receivers appointed to collect rents and supervise the properties.
Bank of America on Oct. 5 sued Town Center Drive and 215 LLC, a company controlled by Black Gaming executive Robert “Randy” Black Sr.
Black developed an office building at 10777 W. Twain Ave. in the Summerlin area and, prior to Black Gaming’s 2010 bankruptcy, it served as the headquarters of the Mesquite casino operator.
Black Gaming had been paying $11,508 per month for office space there.
That arrangement ended with the bankruptcy of Black Gaming on March 2, 2010.
Black Gaming said at that time that in order to save money it had moved its corporate offices from the Summerlin location to the CasaBlanca resort in Mesquite.
Bank of America, in its lawsuit, said Town Center Drive and 215 LLC had defaulted on its loan, that $14.5 million is owed, that it’s foreclosing on the property and that it’s asking the court to appoint a receiver for the property.
Through Thursday, Town Center Drive and 215 LLC had not responded to the lawsuit.
In a separate lawsuit, an entity called GCCFC 2007-GG11 South Tenaya LLC filed suit Sept. 27 against Tenaya Quail East LLC, saying a foreclosure is under way against the Tenaya Quail East property and that a receiver should be appointed to supervise it.
The lawsuit says Tenaya Quail East has defaulted on a loan, that $12.15 million is due and that the property consists of three office and warehouse buildings at 6620, 6640 and 6670 S. Tenaya Way, west of Rainbow Boulevard at the Las Vegas Beltway.
Through Thursday, Tenaya Quail East had not responded to the lawsuit.