Related Companies of New York may soon no longer be in charge of the stalled Base Village project at Snowmass Ski Area.
ASPEN SNOWMASS REAL ESTATE – A syndicate of four banks, led by Hypo Real Estate Capital of Germany, filed court papers on Thursday in Pitkin County District Court seeking to foreclose on Base Village Owners, LLC, a subsidiary of Related WestPac and Related Companies, claiming it has defaulted on a $520 million loan. The bank also filed a motion to have a judge appoint a receiver for the Base Village property so it can be managed during the foreclosure proceedings.Since taking out the loan in March 2007, Base Village Owners has drawn down $386 million, which it still owes the bank. It also owes the bank another $48 million in unpaid interest and “other loan-related expenses,” according to court papers filed on behalf of Hypo.“Base Village’s failure to make timely payment is an ‘event of default’ under the loan agreement and the deed of trust,” according to the court filing from Hypo.
Bunks seek to foreclose on Base Village
By Brent Gardner-Smith, July 9, 2010, Aspen Daily News