Snowmass foreclosures linked to Related WestPac
SNOWMASS VILLAGE Foreclosure proceedings have started against several Snowmass Village properties owned, wholly or in part, by the Related WestPac development company.Related WestPac is trying to develop the massive Base Village project in Snowmass despite financial difficulties brought on by the national and international economic slump.According to documents filed Thursday at the 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, all were listed as collateral against a $110 million loan made by Bank of America to the owners of the property in early 2007.Related WestPac spokesman Steve Alldredge said Friday that Related WestPac was one of several entities on the loan. He said the company would not comment on what the loan was used for, but insisted that the foreclosures are not a reflection of the financial stability of Related WestPac.In a statement from the company, Related WestPac maintained that the borrowers of the loan did not comply with the terms and they have been declared in default. Related WestPac owns a piece of the membership interest in that loan, although no other individuals or corporations, aside from Related WestPac, were indicated in the loan documents.Weve been expecting this for some time, Alldredge said. Several of the documents on file indicated that the initial maturity date for the loan was Feb. 28.The unpaid balance of the loan, according to the documents, is $110,209,665 exactly the same amount as the original loan.As things now stand, Related WestPac and whomever else may be involved have until late August to cure the delinquency of the loan, or the properties will be sold at a trustee auction. The date of that sale could be continued, however, if the company is negotiating with its creditor and needs more time, or canceled if the loan is either paid off or refinanced, according to an officer at the Pitkin County Clerk & Recorders office.The law firm of Morrison & Foerster, said to be home to more than 1,000 attorneys in 17 offices around the world, is named in the documents as handling the foreclosures. An attorney in the firms Denver office, David G. Thatcher, declined to comment on the matter.Alldredge said the properties are not directly linked to the development of the Base Village project.They dont mean anything to Base Village, said Alldredge, who was traveling and was reached by cell phone in Minneapolis.Attempts to reach Related CEO Dwayne Romero were not successful.Related recently suspended work on part of the Residences at The Little Nell at the Base Village development, and was rebuffed by the Aspen Skiing Co. on a request for Skico financial assistance with the project.Romero has said Related WestPac will try to secure financing to complete Base Village as soon as possible. The original timetable called for it to be completed by 2011. Related WestPac purchased Base Village from the Aspen Skiing Co. and Intrawest Corp. in 2007.Base Village was approved for 1 million square feet of residential and commercial space, including 600 luxury residential units. Related WestPac has completed several buildings in the project, including the Skicos new kids center, called the Treehouse, as well as residences, restaurants and shops.Romero recently told The Aspen Times that perhaps 30 to 35 percent of the project is complete. The number is deceiving on the low side, he said, because the infrastructure and sub-structure of the village have been completed two major components that make the rest of the projects completion firstname.lastname@example.org
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