Friday, March 5, 2010

Case and Point!

Can we please stop pretending that high end real estate has not collapsed in Austin? 

-Mr. Bubble

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.

More at the link above...

Posted using ShareThis

No comments:

Post a Comment