ASPEN REAL ESTATE – Hypo Real Estate Capital Corp. has filed two lawsuits seeking over $200 million from the Related Companies and Pat Smith, the former president of Related WestPac, the joint partnership behind the stalled Base Village in Snowmass.Related and Smith, through an entity called Base Village Owners LLC, were the developers of the Base Village project at the bottom of the Snowmass Ski Area.In the first of its lawsuits filed in New York court, Hypo claims that Related and Smith, through Base Village Owners LLC, owe it and other lenders $195 million as part of a $520 million loan package.Hypo claims that Related and Smith owe the $195 million under a “payment guaranty” consisting of three amounts: a $32.5 million loan guarantee; $161 million in additional advances for the project and $1.5 million in an “increased liability amount.”The lawsuit also states that the $32.5 million loan guarantee would be released if Related and Smith could show sales contracts for $380 million worth of condos in Base Village. Hypo claims they failed to show such contracts.

By Brent Gardner-Smith, July 15, 2010, Aspen Daily News


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