A syndicate of four banks has started foreclosure proceedings against the Snowmass Base Village project. The foreclosure is a result of loan defaults by Base Village Owner, developer of the property.
The lending group, led by Hypo Real Estate Capital Corp., holds a $520 million loan on the project, with an outstanding balance of $386 million at the time of the foreclosure filing in Pitkin County on Thursday.
James Pavisha of Destination Snowmass Services has been named receiver and has contracted with Lowe Enterprises Real Estate Services to manage the project.
Meanwhile, Hypo has sued New York-based real-estate company Related Cos. Hypo is trying to recover more than $194 million tied to the project. Related owes the money under a guaranty agreement after the developer defaulted on its loan. The Denver Post; Post file photo
