ASPEN SNOWMASS REAL ESTATE — District Judge Gail Nichols on Friday put the Base Village at Snowmass project into receivership as part of a court action spurred by four lenders.The transition into receivership — when an outside party manages the operations and finances of a disputed entity — will take effect Monday, said Jim DeFrancia, spokesman for the receiver, James Pavisha of Denver.The receivership comes after Hypo Real Estate Capital Corp. of New York, along with three other lenders, filed a court complaint Thursday in Pitkin County District Court. The lenders claim that Base Village, controlled by Related WestPac of New York, owes $386 million on a loan, as well as $48.5 million in other loan-related expenses.The lenders also are trying to foreclose on the 400,000-square-foot property, which includes the Viceroy Hotel.
By Aspen Times Staff, July 10, 2010

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