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Base Village Owner, which acquired and was developing 19 acres in Snowmass, has sued Hypo Real Estate Capital and three foreign banks, seeking damages in excess of $406 million for not living up to their funding obligations for the project.
Hypo and the banks started foreclosure proceedings in July against the Snowmass Base Village project. The foreclosure was the result of loan defaults by Base Village.
The lending group 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.
