SNOWMASS VILLAGE, Colo.—Foreclosure proceedings have started against several properties owned at least partly by Related WestPac, the developer for the base at Snowmass resort.
Related WestPac spokesman Steve Alldredge said Friday that the properties are not directly linked to the development of Base Village.
According to court documents filed in Pitkin County Courthouse, the properties facing foreclosure include the Snowmass Inn, the Sonnenblick Townhomes, and the Snowmass Mountain Chalet, along with the Snowmass Center and several lots combined under the name of Brush Creek Capital Holdings LLC.
The properties, according to the foreclosure documents, were listed as collateral against a $110 million loan made by Bank of America to the owners of the property in early 2007.
Alldredge said Related WestPac was one of several entities on the loan and that the foreclosures are not a reflection of the financial stability of Related WestPac. He said the company would not comment on what the loan was used for.
Court documents didn’t list any other membership interests in the loan, The Aspen Times reported. An attorney for the law firm of Morrison & Foerster, which is listed as handling the foreclosures, declined to comment.
Several documents indicated that the initial maturity date for the loan was Feb. 28.
Meanwhile, Related WestPac has completed several buildings in Base Village but has had to suspend work on other parts of the project due to the credit crunch and challenges in finding financing.
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Information from: The Aspen Times,
