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Hypo Wants $368M from Snowmass Base Village Developer, ADN
After postponing six times the foreclosure sale of Snowmass Base Village, Hypo and the other banks on Nov. 16 bought the project for $138 million, the only bid that was received. In filing Friday’s lawsuit, Hypo is likely seeking the difference between what the banks paid for Base Village and what they are owed, said Jim DeFrancia of Destination Snowmass Services.
ASPEN SNOWMASS REAL ESTATE - One of the German banks that owns Snowmass Base Village has filed another lawsuit against a former developer of the project, seeking to collect more than $368 million. Hypo Real Estate Capital Corp.’s lawsuit against Base Village Owner, a subsidiary of Related Westpac, was filed Friday in Pitkin County District Court. Hypo and three other European banks foreclosed on Base Village Owner in 2010. The banking consortium alleges the developer has not paid back the majority of $520 million in loans for the one-million-square-foot project in Snowmass Village.
By Chad Abraham, Feb. 14, 12 ADN
Proposed Snowmass Base Village rendering from 2006 marketing materials. Approximately 1/3 of the build-out has been completed in the lower right of the illustration.
