The developer of the Landmark luxury condominiums in Greenwood Village says he filed for personal bankruptcy to protect himself from liability resulting from personal guaranties made for loans related to the project.
Zack Davidson filed for Chapter 7 liquidation this month, five months after the companies he controls filed for bankruptcy protection.
“Because the Chapter 11 filing of 7677 East Berry Associates L.P. does not protect me from my extensive liability under my personal guaranties for each of the Landmark-related loans, it had become clear for some time that personal bankruptcy was unfortunately unavoidable for me,” he wrote in an e-mail Thursday. “My objective was to work diligently to stabilize The Landmark after its Chapter 11 filing and to wait as long as possible before my personal filing, in an effort to protect the project and its stakeholders.”
Davidson said his personal filing will not affect the Chapter 11 reorganization or a $30 million debtor-in-possession loan in place with Hypo Real Estate.
“While this is without question an incredibly difficult reality for me and my family, I remain committed to staying the course and will remain in place along with my staff to oversee all aspects of The Landmark through to its completion,” he wrote in a letter to residents.
Companies controlled by Davidson filed for Chapter 11 reorganization in August after Hypo Real Estate Capital Corp. refused to extend the construction loan for the Landmark, near Interstate 25 and East Belleview Avenue. The companies owed $93.8 million on a $182 million loan, with the balance due Nov. 1.
Margaret Jackson: 303-954-1473 or mjackson@denverpost.com
