Eastdil Secured firm to sell Base Village debt
ASPEN SNOWMASS VILLAGE REAL ESTATE – Four German banks expected to buy the Base Village development at foreclosure have hired a company to sell the project’s $400 million debt.That foreclosure auction was expected to happen today, but officials have long said the banks have considerable leeway to postpone the sale. The likely buyers have done just that numerous times — the latest delay, to Nov. 16, was announced Tuesday — since the once-heralded development entered foreclosure in 2009.The banks’ managing agent, Hypo Real Estate Capital Corporation, last month engaged “Eastdil Secured to market-for-sale the existing $400 million debt” on Base Village, a press release says. “This process is a critical step in identifying future stabilized ownership of Base Village, which is vital to the advancement and completion of the project.”The latest postponement will have no impact on Lowe Enterprises Real Estate Services Inc.’s day-to-day management of Base Village, including the Viceroy Snowmass Hotel (which is managed by Viceroy Hotels & Resorts), commercial operations, condominium sales, homeowner associations and special districts, the release says.
By Staff report, Sept. 21, 2011 ADN
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Rendering of proposed Snowmass Base Village build out …The structures that have been completed are slope side left Hayden Lodge, Capitol Peak Lodge and on the right lower down the slope, the Viceroy Hotel and Resort.