Tuesday, February 22, 2011

Lenders take ownership of The District at Green Valley Ranch

Lenders owed about $100 million have assumed ownership of The District at Green Valley Ranch mixed-use center in Henderson.
The District was developed by the Greenspun family, owner of the Las Vegas Sun, through its American Nevada Company. The District includes retail, office, entertainment and residential components.
Because of weak sales by key retailers and declining occupancy, income at the property fell during the recession and American Nevada said in late 2009 it had put the loan for the property into strategic default in hopes of negotiating more realistic terms.
Read more... http://www.lasvegassun.com/news/2011/feb/21/lenders-take-ownership-district-green-valley-ranch/

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