Tuesday, January 31, 2012

Future of Legends at Sparks Marina

NAI Alliance's Kelly Bland of the Retail Properties Group gives his opinion on the $141 Million default on the Legends at Sparks Marina: "Part of the problem facing the Legends development is what is not there: A planned hotel-casino, an RV dealership, a baseball stadium and a dinosaur-themed restaurant, said Kelly Bland, the senior vice president of retail properties for Reno-based NAI Alliance. “The nature of the project of how it turned out to be is substantially different than what was anticipated,” Bland said...As for the notice of default on the $141 million in private financing, Bland said it’s possible RED Development deliberately defaulted on the debt to force the lender group to the negotiation table, a tactic many cash-strapped firms have used since the financial crisis happened more than three years ago.
“My speculation would be they forced this into foreclosure,” Bland said. “A lot of times you need, in today’s day and age with the loans the way they’re handled by receivers, you need to stop paying to get the issue addressed.”" (RGJ, "141 M default at Legends," 31 Jan 2012).
For more of the story, click on the link below to view the entire article: $141 Million Default at Legends

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