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Cattle Creek, a Related WestPac Venture, Due for Foreclosure Sale, ADN

GLENWOOD SPRINGS — Snowmass Base Village developer Related WestPac’s downvalley Cattle Creek project is facing an imminent foreclosure auction unless developers reach a deal with their lenders to pay off a $13 million loan. The development is slated for a Dec. 23 public trustee sale after the owners, Riverbend LLC, of which Related WestPac is a partner, underwent foreclosure proceedings on Aug. 26 for failing to make payments to its Texas lender, PlainsCapital Bank. Related WestPac spokesman Steve Alldredge said the company is “one of multiple entities” that make up Riverbend LLC, but he wouldn’t comment further on the foreclosure proceedings or what other entities are involved in Riverbend LLC.
By David Frey, Dec. 18, 2009 Aspen Daily News

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