Can we please stop pretending that high end real estate has not collapsed in Austin?
Spanish Oaks developers seeking new terms from lender
Published: 9:36 p.m. Friday, March 5, 2010
Owners of Spanish Oaks, a 911-acre luxury residential and golf course development in Bee Cave, are in talks with their lenders to revise the terms of a $32 million loan and avert foreclosure.
Daniel Porter, Spanish Oaks' original developer, said that the problem arose when a recent appraisal valued the project at less than the amount required under the terms of the loan from Comerica Bank.
Porter said he couldn't disclose the appraisal amount.
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